Should I issue a stop payment?
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12 days ago, I sent out a check to pay for my monthly tuition bill. As of today, I've called my bank to see if that check had been cleared yet, and it still hasn't. I don't know if the check is still in transit to my loan company or if it is simply lost in the mail, but because it's getting dangerously close to the due date, I decided to just pay it online. However, I'm still concerned about the missing check. If they DO receive it, I have no problem with them using it for next month's payment. But what if it's lost? Should I just issue a stop payment, suck it up and pay the $30 fee, or should I wait it out and see if my check ever reaches the company? Consequently, how long does it take for a personal check to expire and become void?
Should I issue a stop payment?not to worry == so far you have done everything right -- do not waste the $30.00 == but normally a check is uncashable after 180 days!!!
Should I issue a stop payment?If the company gets the check in the next few days then they can credit your account. If someone else gets it and cashes it, you can claim fraud. How far did the check have to go in the mail? Sometimes if it has to go out of state to a payment processing center, it could take up to 15 days for the check to clear your account.
A stop payment is the safest way to go. I would probably wait 5 more days, call the loan company and tell them that they haven't processed your check and you believe it is lost and you will put a stop pay. Sometimes if you stop a check and they try to cash it they get upset and charge you fees for a non negotiable check.
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