Day 26 – January 26
We are renters. Having previously been home owners, it’s not an easy transition to make. You get used to doing what you want and making any changes and fixing things in a timely fashion. Sadly, such is not the case when you live in a rental, at least not this particular rental. But on the plus side, we’ve pretty much been living here for free for the past 5 months. Yep, the land lady has not cashed any checks since August! I got to thinking “Wait, isn’t there some time limit on cashing checks?” So I had DH contact the owner to gently nudge her towards the bank.
That was 10 days ago.
The checks still aren’t cashed.
I decided to call my bank and find out what really happens when you try to cash an old check. At first I was told that it would likely be cashed, and sometimes they are good up to two years. After further consultation with the head teller, I was told that it was actually 6 months. So my particular bank will not cash checks that are more than 180 days old, and it’s quite likely that most other banks will do the same. If another bank does decide to cash the check and sends it over to my bank, my bank will reject it as a bounced check. So really, there’s no penalty to me, but the landlady might get slapped with some bounced check fees.
I also learned that if I want to avoid this foolishness in the future, I can just send cashier’s checks. In that case, the money is removed from my account as soon as the cashier’s check is written. If the payee never cashes the check, well that money is just floating around un-used, but it’s no longer in my account. I’m thinking of possibly sending the rest of the rent for this lease term in the form of a cashier’s check. Then again, that would be a giant chunk of change, so maybe that won’t work so well.
Anyway, if you have some old checks sitting around that you haven’t cashed, get yourself to the bank and deposit them. If they are more than 180 days old, give them back to the payer and ask if they’ll write you a new check.