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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that has not been cashed or deposited within a certain period of time, usually six months, and is considered to be no longer valid.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
Available Credit
The amount of credit currently accessible on a credit card or line of credit. It is the amount that can be borrowed and used for transactions.
Bank Account
A financial account held at a bank or other financial institution where an individual can deposit, withdraw, and manage their money.
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.