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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that has not been cashed or deposited within a certain period of time, usually six months, and is considered to be no longer valid.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
Insufficient Funds
A situation in which an individual or institution does not have enough money in their account to cover a transaction or withdrawal.
Personal Loan
A flexible form of credit issued by a bank for personal use, with a fixed interest rate and repayment period.
Clearing House
An institution that processes financial transactions, such as the exchange of securities, between two parties.