Personal Finance

how long should i keep funds

  • Last Updated:
  • Apr 7th, 2016 7:02 pm
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[OP]
Deal Addict
Nov 2, 2003
1262 posts
79 upvotes
oshawa

how long should i keep funds

I issued a check to someone and they have not deposited it in 2 months now. how long should I keep the funds in the a/c as I am afraid that I might accidently use it and get stuck with a bounced check.
if you dont have an answer, dont repond to my thread.
I need answers, and thats why i use redflagdeals forums.
5 replies
Deal Addict
User avatar
Oct 7, 2012
1623 posts
407 upvotes
Montreal
junkone wrote: I issued a check to someone and they have not deposited it in 2 months now. how long should I keep the funds in the a/c as I am afraid that I might accidently use it and get stuck with a bounced check.
Can you contact them and ask they why they haven't deposited the check?
Sr. Member
Feb 8, 2011
661 posts
201 upvotes
Toronto
Or just cancel the check and wait for them to call you :P
[OP]
Deal Addict
Nov 2, 2003
1262 posts
79 upvotes
oshawa
it cost me money to cancel the check. I owe this person 200$ and don't want to spend more money than necessary. this person's phone # is not working anymore.
if you dont have an answer, dont repond to my thread.
I need answers, and thats why i use redflagdeals forums.
Deal Addict
Aug 19, 2013
2397 posts
1080 upvotes
Cheques are usually considered stale dated after 6 months. But some banks may still cash it. If you can't contact the person I would leave it for 6 months and then cancel the cheque of your that concerned. Then it's up to the person to contact you. It only costs about $5 to cancel a cheque (depending on your bank)
Deal Expert
Mar 25, 2005
21944 posts
2756 upvotes
junkone wrote: I issued a check to someone and they have not deposited it in 2 months now. how long should I keep the funds in the a/c as I am afraid that I might accidently use it and get stuck with a bounced check.
At least 6. Then close your account and open a Tangerine with free daily overdraft.

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