If you’ve ever lost a check and had to write a new one, you know how frustrating it can be. Checking the bank account on a regular basis can go along way in helping to get things back on track. There are many reasons a check may be canceled, but there are some that happen more often than others. It can be difficult to decide which ones apply to you and when. Learn what they are so that you know what to do in the event of an important check being lost or simply forgotten.
- A bank check can be canceled for many reasons, most often because the check issuer either did not receive all of the funds it was owed, or did not verify the information provided. This could be due to one of two things. The first reason is that the check was dishonored, which means the person checking the check did not have to sign for it, proof of which can be found in the signature line on the front of the check. A second reason for the check being canceled can be that the person paying for the check did not have enough money in his or her credit card to cover the balance and a check will be written for the amount that was missed.
- How do you know if your check has been canceled? The best way to find out is to call the check issuer. To find out how long a check has been canceled, you’ll need to look it up in the electronic check database. This database keeps track of checks that have been in effect since Jan. 1, 2021. You can also see information about specific banks or financial institutions that issue checks. This will give you a good idea about how frequently check issuers have to deal with canceled checks.
- If you have lost a check and you need to make sure it is not stolen, check with the bank where the check was stored. Many banks use the same building as the issuer of the check. If the check issuer is located at a different location, ask them for the routing number of the account. You can use this number to find out if your check has been redirected. You can also look in the “payee” section to see if you can find the name of the person who issued the check and use that to determine which bank the check should have been paid to.
- If you need more information, call the bank and ask them. Be prepared to tell them the full name of the check holder and why they issued the check to you. Banks will often give you this information for free. Some will charge you a small processing fee. This fee may only be a few dollars or it could be more.
After you have gotten the routing number and the name of the check issuer, you can use some online check services to see how much money you would have owed the check issuer. In many cases, this will give you an estimate of the amount of money that the check holder may have paid to you. However, you should never take this amount to the bank with you personally.
If you find that you do not have all the money needed to pay the check issuer, you may be able to sell your check. There are a number of check selling websites on the internet. You should be careful when choosing a site to do business with. Look at the terms and conditions to make sure you are dealing with a reputable company. Once you find a seller, simply wait for the check to be cashed and transfer the money directly into your bank account.
Remember, though, that there is usually nothing wrong with a canceled check. Check companies may only be required to reimburse you for a check that was dishonored. This is rare, but it does happen.
