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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that has not been cashed or deposited within a certain period of time, usually six months, and is considered to be no longer valid.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
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.
Certified Check
A check that has been certified by the bank as having sufficient funds to cover the full amount, with the bank guaranteeing payment.
Trust
A legal arrangement in which one party transfers ownership of property to another person or entity to be managed for the benefit of a third party.