How long do you take to deposit a check?
by Fisher09 (2012-12-19 16:47:06)
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My landlord has us write her a check on the first of the month for rent/utilities. She routinely doesn't deposit it until the 20th or later in the month. Do people usually keep checks that long?

I've tried dropping hints by asking her if she received our check a few times around the 8th or 9th of the month, but it doesn't register. Would I be wrong to ask that she deposit them in a more timely manner?


Cashed 14 checks last night, oldest was from October
by lbird33  (2012-12-20 10:23:16)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

8 or 9 of them were for $20 each. Had two larger checks from the past two weeks that moved me to action. I never go into a bank and am usually too rushed or lazy to sit at the ATM for th extra 5 or 10 minutes to do the ATM deposit.


Depends. Checks under $100 when ever I find time to
by steelhop  (2012-12-20 10:03:36)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

go to the bank. Checks in excess of that within 24-48 hours.


Try using a cashier's cheque
by radical  (2012-12-20 01:29:14)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

My credit union allows me several free cashier's cheques a month -- I assume most banks do the same.

Saves me a whole lotta pain.


"Cheque"? This is America, pal. *
by GailStanwyck  (2012-12-20 08:37:02)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post


Usually within a few minutes or hours
by DoubleDomer0307  (2012-12-19 18:19:51)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

Since my credit union came out with a new iPhone app that lets me deposit checks by taking a photo of them, I usually do it as soon as possible since it's so easy, and that way I don't forget.

My guess is your landlord isn't the savvy smartphone user type.


Sometimes as long as a month.
by The Federalist  (2012-12-19 17:18:52)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

Why would it make any difference to you if it takes her three weeks to deposit a check? If you have the money in your account, it should just sit there until the check clears, right? So you just get to earn a little extra interest on your money each month. Sounds like a win for you. Maybe I'm missing something though.


I had a landlord with this habit
by starburns  (2012-12-20 11:02:30)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

Who would often wait until he got another check and then cash both at once.

I make it a habit to keep money in an interest-bearing money market and only transfer what I need to cover bills into checking. People sitting on checks make me insane too.


That'd be great if my checking account paid interest *
by Fisher09  (2012-12-19 17:21:45)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post


Why does it bother you to have the money in your account? *
by Father Nieuwland  (2012-12-19 17:09:14)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post


It doesn't
by Fisher09  (2012-12-19 17:21:10)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I know it is stupid and something that shouldn't bother me. I am just afraid that one of these days, I'm going to forget she hasn't cashed the check yet and make a purchase that will result in her check bouncing.

I tend to be pretty good about remembering that my balance is $X-$750 or whatever it is I write her check for. Buying christmas presents the other night though, I almost made that mistake and it just got me thinking about it.




It bothers me as well.
by Jennyb  (2012-12-20 00:35:08)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

When I pay the bill, I want the money to come out of my account immediately. I cash checks using my iPhone app. Can you use your bank's epay system? With my bank,, I can send a payment and they mail a check. My bank requires 5 days before the due date, but he money comes out of my account right away.


Don't you make an entry into your check register
by LocalSubAlum  (2012-12-19 17:35:29)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

whenever you write a check or make a deposit?


No
by Fisher09  (2012-12-19 19:18:23)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I use my debit/check card for just about everything and almost never have more than $20 cash on me. I will run my card for a $2.00 purchase.

I use Mint.com and check it at least once a day. I check that against my monthly statement. Yes, I still request a paper statement. I don't just trust that all of my money is there and every transaction is valid.

So, no I don't enter everything into an old fashioned register, but I know exactly where every penny goes.

Again, her not cashing a check hasn't been a problem. I brought it up because I could see how it could easily become a problem and it just surprises me that people wait that long. I tend to deposit them almost immediately as my bank has a feature to electronically deposit via cell phone or ATM.


My thought exactly
by Papa Burgundy  (2012-12-19 17:46:27)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I'm just north of 30 and it befuddles me when my friends "wing it" or "float".

Keep a register and reconcile every month. Quickbooks can be your friend.


In today's world of automatic downloads...
by El Kabong  (2012-12-20 09:34:11)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

...balancing one's checkbook is a one-minute affair with an Internet connection and Quickbooks.


Even if one doesn't write paper checks as I do,
by LocalSubAlum  (2012-12-19 17:50:18)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

one should always keep some sort of record of every transaction in their checking account. I always do and I always balance my checkbook to the penny when I get my statement every month. I always know where my money has gone and there are never any surprises or mistakes that way.


Honest question _ mistakes
by lbird33  (2012-12-20 10:20:45)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I am derelict in reconciling my checking account (haven't done it in 20 years derelict).

So my question for those of you who do it well is: how many errors have you caught? What do you think your total catch is over 10 years? Have you caught errors that were in your favor? I'm very curious.


It's hard to say. I make occasional errors,
by LocalSubAlum  (2012-12-20 10:40:03)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

usually due to hitting the wrong key on my calculator. The errors are never huge though, usually just a few cents as a large dollar amount would jump right out at me. Any mistakes will come up when I balance my checking account with the next statement. I also record all entries in pencil to make any corrections easy. Of course, as I said earlier, I still use my check register. I don't care who here makes fun of me for doing it.

Right now, your checking account is probably a mess. My advice would be to go to your bank and have them balance it for you. They will charge you a small fee, but it will be balanced. Then, start keeping a running record of all transactions from now on. Record all checks, ATM withdrawals, automatic withdrawals if you have any of those coming out, deposits, etc. Record everything! Then, when you get your statement every month, sit down and balance your checkbook. Whether you use a spreadsheet or even your checkbook's register doesn't matter, it's a simple process, but you need to do it.


Not errors by you...
by lbird33  (2012-12-20 10:50:18)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I'm kind of asking "why?". I know everyone says it's the right thing to do but I'm questioning conventional wisdom.

I assume the biggest reason to do it is so you catch any major screw-up that costs you money (like the bank withdraws $1000.00 instead of $100. Or your deposit of $800 check never gets credited. Isn't that the point of it?

So I'm asking the wise back room: how many of those kind of errors do you find and at what size?

I'm pretty sure I'd notice if a $1000 or greater error was made (because I have a pretty good feel for my balance and scan my online statement each month). But I could definitely get bit if a smallish deposit wasn't credited or the like.

I'm wondering what the frequency, on average, of those kind of errors is.


Let's take your example of an $800 dollar check not
by LocalSubAlum  (2012-12-20 11:17:39)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

getting credited? Why do you think that would happen? There should always be some verification at the time of the transaction. Whenever I make a deposit, I usually go inside the bank and deal with a teller (I'm old school). The teller always gives me a receipt and I always check it to make sure the amount is correct. If I use the ATM to make a deposit, the ATM spits out a receipt, and the same thing if I make a withdrawal.

One time, the bank made an error that would have been in my favor. A few years ago, I made a $10,000 deposit into my checking account. When the teller entered my deposit, she hit two too many zeros before the decimal point. She handed me a receipt showing that I had deposited $1,000,000. Not wanting her to get fired and not wanting the IRS coming after me for taxes on the one million, I pointed the error out right away.

As far as a scenario of something going against me, that also happened to me before and keeping my checkbook balanced help me to prove my case. One bank that I used to deal with back in the nineties sent me a notice telling me my checking account was overdrawn. I took my checkbook and bank statement with me and went in to talk to the manager. At that time, with that bank, I was making a lot of after hours ATM deposits and I told her they amount that they showed me being overdrawn was the exact amount of an ATM deposit I had made. She said that maybe I had forgotten to deposit the money into the envelope. I asked her if that was the case, why hadn't I been notified when they emptied the ATM the next day and recorded the deposits? Her face turned red and she admitted it was their mistake and credited the deposit to my account.

At any rate, you need to keep your checkbook balanced. If you don't, one of these days it could come back to bite you.


Kind of my point, though
by lbird33  (2012-12-20 11:39:18)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I'm actually not trying to be argumentative (and hope others will chime in with reasons), but I agree with the receipt I receive at counter or ATM. I check that. And I'm really comfortable that if the printed receipt is right then the $$ credited or withdrawn from my account will be right (I've never seen that not be the case).

So -- again, what's the big benefit of the reconciliation.

One thing i do is keep a bit too much cash in my checking account (never close to overdrawing). But at current interest rates, that's probably costing me $50 per year (maybe) in interest. And I likethe comfort of that.

Besides "you should" that I've heard for decades, I stil don't know what huge benefit there is. I haven't for 20 years and -- besides assuming that maybe I've messed up a couple of deposits or withdraws in that time -- I've never bounced a check and saved myself untold hours.

Anyone else have stories of how meticulously doing this saved their hide?


[sigh] Okay, I give up.
by LocalSubAlum  (2012-12-20 11:46:13)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

There is absolutely no reason to ever balance your checkbook/account.

Could somebody please post the Victorian guy beating the dead horse meme?


Rest easy, he obviously earns more than $250,000
by IrishJoeinnc  (2012-12-20 14:05:16)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

but we'll see that his taxes are doubled-then he'll worry about pennies like we do.


I endorse this post...and I'm only 46. *
by John88  (2012-12-20 09:24:47)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post


A record of every transaction in my checking account?
by Nohow  (2012-12-19 21:33:59)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

That's what my checking account is.


That's what your checking account statement is,
by LocalSubAlum  (2012-12-20 09:59:29)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

but you should be recording every transaction in between statements. If you have an accountant, he would tell you the same thing.


I check my online account every day
by starburns  (2012-12-20 11:03:30)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I think the idea of the "statement" as largely gone the way of the dodo with online banking.


It hasn't gone the way of the dodo.
by LocalSubAlum  (2012-12-20 11:21:26)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I still get a statement every month. I don't bank online and I will not until I have no other choice. I am a firm believer that the more often that you put your personal/financial information online, the greater you are at risk of having it stolen.


Ha, check register, that's funny; do you call your grandkids
by irishlaw2010  (2012-12-19 17:40:14)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

on your rotary phone?


I still write paper checks and will continue to do so
by LocalSubAlum  (2012-12-19 17:44:53)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

until my bank will no longer let me. Eff it, I'm a dinosaur and I don't care. In fact, I'm proud to be a dinosaur. That means when I die, some day, I will be a fossil fuel and I hope to end up in the gas tank of someone's 60's muscle car or street rod.


As do I, but I don't keep it on a register
by irishlaw2010  (2012-12-19 19:00:40)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I do keep a spreadsheet with un-deposited checks listed on it and that are then summed against my actual balance to give me my unencumbered balance.


As long as it takes me to get to the bank.
by LocalSubAlum  (2012-12-19 16:56:38)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

If she routinely doesn't deposit your checks until the 20th or later each month, why don't you just ask her if it would be okay to pay her on the 19th?


I try to do it as quickly as possible for this reason
by LondonDomer  (2012-12-19 16:51:18)     Delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

You never know what someone's financial situation is. Especially with something like a rent check - for many people, that is their biggest expense. You could try dropping a hint. If that doesn't work, you could get a money order or bank check each month - kind of a pain, but at least you wouldn't have to worry about it.

Another option I have with my bank is using their online bill pay. If I set up an individual on Bill Pay, it will mail them a check and immediately deduct the funds out of my account - doesn't matter when they cash it. You could look into that.


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