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Stale-Dated Check
A check that has not been cashed or deposited within a certain period of time, usually six months, and is considered to be no longer valid.
More Details
A stale-dated check is a check that has not been cashed or deposited within a certain period of time, usually around six months. This can happen if the recipient forgets about the check or if there is a problem with the check, such as a spelling error or incorrect amount.
Example
You received a paycheck from your employer two months ago, but you didn't deposit it because you were out of town and didn't have access to your bank account. When you finally try to deposit the check, you may be told that it is stale-dated and cannot be cashed. In this case, you would need to contact your employer and ask them to issue a new check.
Related Terms
Secured Credit Card
A credit card designed to help repair or establish credit with a predetermined credit limit secured by a collateral savings account.
Bond
A debt security where an investor loans money to a borrower for interest and the return of the principal. They are low-risk but offer lower returns.
Money Market Account
A type of savings account that offers higher interest rates and has higher minimum balance requirements.