You 'paid' when you 'tendered' the payment. (tender isn't just an offer
of payment, but includes acceptance/receipt, which has happened in this
case. It does not include cashing/depositing or otherwise processing a
negotiable instrument that was tendered as payment.)
How you handle the uncleared check would depend on the amount of the
check, the amount of the stop payment fee, the amount of an overdraft
fee, and your propensity to skirt a zero balance in the account.
If you *never* get within the amount of the outstanding check as your
bank balance, you could likely just add it back.
If you routinely skirt zero, (or within zero and the value of the check)
then I'd weigh the stop-payment fee vs. the overdraft fee. But keep in
mind, the stop-payment is only one time. The overdraft would be each and
every time.
Finally, you can just keep it on your books as-is, always leaving a
cushion to avoid overdrafts. When you die, the account will be closed
and the funds returned to your heirs. The check could not be honored at
that point. (hopefully - better to get legal advice on that one!)
Regards,
Adrien
On 4/9/24 11:50 AM, R Losey wrote:
Legally, are you saying that if I write a check for $50 and send it to my
uncle, it's "paid" whether or not he ever cashes it?
As as aside, I am actually in this situation; I sent e check many years ago
to someone who has never cashed it; when I asked about it, the person told
me that they had no intention of cashing the check, but also couldn't find
it to return it, so I've been carrying that check now for years. Sadly, the
cost of issuing a "stop check" is not worth it, and the bank says it will
honor a check, no matter how old, so I don't see any way out of this.
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