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  #1  
Old 07-02-2009, 10:44 AM
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Encashing Check

What is the name of your state (only U.S. law)? Texas
I had borrowed $2500 from a former friend of mine. I promised to return it to him in 15 days time and in the meantime I lost my job. I promised to return the money as soon as I got the job. In the meantime our relationship turned sour. I gave him a check on the day I was getting my second pay check on my new job. In the meantime he sent an email asking me to make sure that I will have enough money on that date to cover the check. On the paydate, another email was sent stating that there is enough funds to cover the check and told him "Please deposit the check and sorry for the inconvenience"

He inturn sent a reply stating. "I will encash the check at my own convenience"

I called the bank and they told me that the check is valid for 6 months. I want to close the bank account and move to my company's credit union.

What should I do ? Can I send him a cashiers check for $2500? What happens if he refuses to accept it or the fedex i sent him and insist on encashing the check I sent him ?

Thanks for your adviceWhat is the name of your state (only U.S. law)?
  #2  
Old 07-02-2009, 11:28 AM
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Why don't you just leave the old acct open with $2,500 sitting there?
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  #3  
Old 07-02-2009, 11:30 AM
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The bank is going to charge me since I have switched my direct deposit.
  #4  
Old 07-02-2009, 03:40 PM
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Quote:
Originally Posted by Zigner View Post
Why don't you just leave the old acct open with $2,500 sitting there?
Why don't you pay his bank maintenance fee for him? I'm sure you're good for it.
  #5  
Old 07-02-2009, 03:49 PM
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Quote:
Originally Posted by cosine View Post
Why don't you pay his bank maintenance fee for him? I'm sure you're good for it.
Cosine - what is your suggestion?

(The cost of a cashier's check would likely pay the fee for several months...)
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #6  
Old 07-02-2009, 04:22 PM
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Quote:
Originally Posted by Zigner View Post
Cosine - what is your suggestion?
I know you can read. Read my post you quoted and replied to.

Quote:
Originally Posted by Zigner View Post
(The cost of a cashier's check would likely pay the fee for several months...)
Three of my banks offer a free cashier's check per month. One of them even does 4 free cashier's check per month if I have a $500 minimum balance. The OP's new bank (not the one the check was written on) might well provide that. While it's been a few years since I ever had to pay for a cashier's check, it was not that high a price back then ($3.00). Yet when I have had accounts with maintenance fees (different banks have different criteria for when to waive such fees, so people do need to learn to shop better), those fees were around that cost ($5.00/month on one I had about 10 years ago, which was one of the earliest I closed). So I cannot believe your statement at all until you replace "several" with "a" or "one".

No matter which way things go, the OP is going to incur some costs to service, or stop, the check he wrote. He's looking for a way to minimize those costs.
  #7  
Old 07-02-2009, 04:37 PM
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Quote:
Originally Posted by cosine View Post
No matter which way things go, the OP is going to incur some costs to service, or stop, the check he wrote. He's looking for a way to minimize those costs.
Thanks for stating the obvious. Now, what was your suggestion again? Our OP is waiting...
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #8  
Old 07-02-2009, 05:40 PM
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The OP should just send a new payment (a money order, certified check, personal check from new account) to the former friend, and inform him that the first check is now void. The OP should simultaneously close the account.

Problem solved.
  #9  
Old 07-02-2009, 06:01 PM
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Quote:
Originally Posted by JakeB View Post
The OP should just send a new payment (a money order, certified check, personal check from new account) to the former friend, and inform him that the first check is now void. The OP should simultaneously close the account.

Problem solved.
Then what happens if the payee has already encashed the check?
__________________
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #10  
Old 07-02-2009, 06:26 PM
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Quote:
Originally Posted by Zigner View Post
Then what happens if the payee has already encashed the check?
Wow, this isn't rocket science!

OP sends friend a letter stating that the check will be void if not cleared within 10 days, and that a new check will be sent on the 11th day. On the 11th day the OP closes the account and if the check hasn't cleared, then he sends a new check from the new account.

If the friend stupidly ignores the reasonable notice, then he is to blame and will be liable for any bank penalties he incurs.
  #11  
Old 07-02-2009, 06:37 PM
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Quote:
Originally Posted by JakeB View Post
Wow, this isn't rocket science!

OP sends friend a letter stating that the check will be void if not cleared within 10 days, and that a new check will be sent on the 11th day. On the 11th day the OP closes the account and if the check hasn't cleared, then he sends a new check from the new account.

If the friend stupidly ignores the reasonable notice, then he is to blame and will be liable for any bank penalties he incurs.
Yeah- ok...like there's nothing that can go wrong for the OP in this situation
__________________
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #12  
Old 07-02-2009, 06:40 PM
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Quote:
Originally Posted by Zigner View Post
Yeah- ok...like there's nothing that can go wrong for the OP in this situation
What could go wrong?
  #13  
Old 07-02-2009, 06:47 PM
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Quote:
Originally Posted by JakeB View Post
What could go wrong?
Prove the ex-friend got the letter.

And, to jump on the next thing you'll come up with...
What if he never gets it?

Now, with all that said, I agree that the best solution is to replace the old check with a cashier's check. However, this isn't something that should or can be done unilaterally.

It seems to me that our OP hasn't even OFFERED to send a replacement...she came here first asking if she "can" send one. Of course, the answer to that is YES, she can. But it would really be a much better idea to have her ex-friend be in agreement.


And, one last point: Our OP wants to change banks. She could have continued her free checking very easily. In fact, she could STILL continue the free checking with a very small direct deposit each month. Then, when the check clears, pull the extra money out and close the account.
__________________
*
*
The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #14  
Old 07-02-2009, 07:08 PM
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Join Date: Feb 2008
Posts: 183
Quote:
Originally Posted by Zigner View Post
Prove the ex-friend got the letter.

And, to jump on the next thing you'll come up with...
What if he never gets it?
Prove that he got the letter? That can easily be done with certified mail. What if he doesn't get it? Send it again.
  #15  
Old 07-02-2009, 07:29 PM
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Join Date: Sep 2008
Posts: 3,653
Tomorrow is Saturday.

Withdraw twenty five hundred dollars in cash, go to the friend's home and put it in his hot little hand.

While you are at the bank, stop payment on the check.
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Quote:
Originally Posted by jdslilangel View Post
Just leave it as is and stop making yourselves sound real stupid about the sisutation at hand. Further more I don't need to know how to spell corcetly on here. I know how to spell perfectly fine. I did graduate high school and never once had any problems with my grammer.
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