Ok. I have written a cheque............?

Question

The payee I have written it to has cashed it and their bank has sent it back to my bank as the process goes. What does my bank then do with it? Where is the actual cheque stored and how long for??

Answer 1

once cheques are used and cashed they ar usually stored for around three years. often they are stored offshore as premises are cheaper. this means if you dispute a payment, or if you forget who you wrote a cheque to they can get you a copy!

Answer 2

It's your choice what the bank does with a cheque once it is cashed. You can usually choose to receive all cheques cashed delivered to your home with your monthly statement. Or you can just have the bank keep the cheque. They take a picture of it and keep the paper one on file for one month. They keep the picture for one to two years. If later you need a copy of cheque to show you paid something you will have to pay a fee. But if you ask for a monthly statement with you cheques returned, banks do charge a montly fee for returning your cheques each month. The advantage of paying the monthly fee is you can see who you have paid and who you haven't especially against companies who claim late or no payments. But you also get other services like free travellers cheques, and no bounce chequing, which banks call a line of credit. With a line of credit, if you forget to deposit the funds in your chequing account, when a cheque is cashed, the cheque does not bounce, it goes against your line of credit and you will pay very modest interest fees, a few cents and the bank automatically pays off the debt from your savings account at the end of the month so you are never charged more than a month's interest. In the longer term, you will pay substually less interest in having your cheques returned and using the Debit Card at the store instead of using ABM's. It is a lot easier to make sure you don't over-spend and to create a realistic budget. Lastly, credit cards always mess up and charge someone elses purchase to your card. It can be a son of a gun to prove that you didn't buy a $1,000 airline ticket with a credit card. If you go the Cheque\Debit Card, never lend the Debit Card, memorize your PIN, never write it anywhere, and only use your bank's ABMs if you want to withdraw cash. If you give someone your Debit Card, it's the same thing as giving them all the money you have in the bank or letting them spend as much as your line of credit allows. Never, ever lend it, even if a friend claims they are going to starve to death and need to borrow money, if you don't have the cash, don't lend by using your Debit Card, Say you forgot the PIN because you never want to say your PIN out loud where others can hear it. Never lend money to a friend unless it's cash and you expect to never see it again.

Answer 3

As far as I'm aware, it depends on each Financial Institutions own procedures and the law governing that country. I haven't heard of the cheques after being presented then forwarded on to the originating bank. Only that in Australia in the past, cheques were destroyed after a time, after being presented etc. But that may be different now.

Answer 4

Depending on you bank's procedures: you may get a scanned copy (front & back), or you may get the actualy checks back when you get your monthly statement. If you get the copies, the bank may store the checks in a secure location for a few days, then they will destroy the originals.

When you get your statement, look it over and make sure everything is correct. And, don't forget to record the number and value of the check in your check register. If you don't you'll either go nuts or have a panic attack trying to figure out where the money went.

Answer 5

After the bank receives it back it goes into their electronic file system. They will make a copy of the front and back and it is stored for I believe it is 1yr in active file and then goes to archive filing. I don't know if they keep the actual check anymore. Every month you will get a statement sometimes they will send you a copy of that check. They used to send the actual cancelled checks with the statement for you to keep in a file but they don't do that anymore as the cost of postage has increased, they have found different ways to keep the cost of postage down by not sending the actual check back.

Hope this answers your question.

Answer 6

Your bank will scan the check into their system and you might get a copy with your statement if you pay the processing fee. If you have on line banking you can make a copy for yourself. If not you can go into your bank and retrieve a copy. I work for a bank this is how I know this answer.

Answer 7

Your bank will use it as a record and proof for the authority to debit your account, and store it till the period of time stipulated in the law of limitation (the provisions regarding negotiable instruments), so that it can be produced in any court of law that calls for evidence of the instrument (the cheque) authorising the bank to debit your account, if such need arises..

Answer 8

sure you are going to be evicted and no you haven't any longer have been given 3 months in the previous you are going to be evicted. We evict the 1st month the place I paintings. in spite of the indisputable fact that ,we additionally comprehend blunders. If somebody did this i might waive the previous due fees yet i might nevertheless fee the return verify fee because of the fact the financial organization ultimatly rates the owner of the account who deposited the undesirable verify. confer with the owner / supervisor and spot what you're able to do. Be superb and take your exams ,outdated and new and tutor them what handed off. you will get lots extra advantageous with managers and proprietors in case you preserve issues superb. in the event that they won't conform to waive the costs ask in case you pays the costs 0.5 out of each and every paycheck. in any different case once you pay your might employ ,the owner has the choice to take your unpaid fees out of your employ value which will make your employ for might previous due throughout lower back.

Answer 9

It sounds like it is a copy you are wanting, contact your bank they should be able to help.

Answer 10

Every month you will get a statement from your bank showing balances deposits, checks paid ,etc. It will include your cancelled checks.