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Frequently Asked Questions - Deposit Account

Is there any time after which a check is no longer valid?

Other than a certified check, a financial institution is under no obligation to pay a check which is presented more than six months after its date. However, a financial institution may honor the check in good faith.

Can a bank or credit union accept and pay a post-dated check?

Yes, a bank or credit union may pay a check that is otherwise properly payable, even though payment was made before the date of the check. If a stop payment order is given to the bank or credit union prior to the date of the check, which describes the check with reasonable certainty, then the bank or credit union may not charge against the account.

What is ChexSystems and can they keep me from opening an account?

ChexSystems is a consumer-reporting agency that collects and supplies information for financial institutions regarding the handling of accounts. The decision to approve or decline an account is made by the financial institution but may be based on the information ChexSystems gives them.

Banks and Credit Unions will submit a report to ChexSystems for various reasons, generally because of overdrafts or charged off accounts. This report remains on the consumers file for five years. If a debt has been paid, the bank or credit union is obligated to report the account as paid. The decision to delete a report is up to each bank or credit union and its individual policies. It is not required to remove an accurate report.

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Last Updated: March 24, 2014