Skip to content
GeoDataVision
Learn More - Click Here!

Thread Options
#248015 - 09/23/04 02:01 PM Accepting stale dated check for deposit
Mike Baker Offline
100 Club
Mike Baker
Joined: Dec 2002
Posts: 192
Tennessee
Is there any prohibition for a bank sending a stale dated check for collection, and passing credit to the customer if/when the item is collected, rather than processing the deposit and placing an extended hold on the account?
_________________________
"When you believe He's all you need,that will be your defining moment." [from "Defining Moment" Newsong, Sheltering Tree CD]

Return to Top
Operations Compliance
#248016 - 09/23/04 02:14 PM Re: Accepting stale dated check for deposit
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,893
Galveston, TX
Nope - no restrictions on refusing anything for deposit and entering it into collection.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#248017 - 09/23/04 02:35 PM Re: Accepting stale dated check for deposit
Mike Baker Offline
100 Club
Mike Baker
Joined: Dec 2002
Posts: 192
Tennessee
Thank you. We had a case recently where we chose to do that. Although not necessarily always an indication, a stale date on an item may be indicative that there is a greater likelihood that the item may not be collected. In our case, we wanted to make sure before granting credit to the account. Thanks again for your input and your quick response.
_________________________
"When you believe He's all you need,that will be your defining moment." [from "Defining Moment" Newsong, Sheltering Tree CD]

Return to Top

Moderator:  Andy_Z, John Burnett