Is a check considered a payment on the date received or date deposited?

When a check is used as payment, is the dept considered paid on the date the check was received or the date it actually was deposited? For example a dept is paid on January 1, but the creditor does not deposit the check until March 1; which is legally the payment date for the debt?

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  • 1 decade ago
    Favorite Answer

    The date the check is received is the date of payment.

  • 1 decade ago

    The date it is received, as long as it clears on the first presentment.

    Thus, if it bounces at the first presentment, then ... it's the date it is reported as cleared - which may be 5-10 days after it is re-deposited. And there is no requirement that the debt holder re-deposit it immediately. In such case, you violated the trust (and the law) by not having enough funds for it to clear on the date it was received (technically the date you put on the check).

    If it never clears, then the debt is still open, and the interest clock is ticking, and if the check is big enough, you may have a criminal penalty about to come visit.

  • 1 decade ago

    The date the check was received, or at the most the date the check cleared. (But the check would have to be deposited in a timely fashion.)

    I wouldn't have dealings with some one who held a check & then penalized me for being late. (Or at least get out of the mess as quick as I could.)

  • 1 decade ago

    Depends on your check writing status with the receiver. If you have never sent them a bad check before then it will be considered as paid on the date received. Otherwise, it will not be applied until the check has cleared the bank.

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  • 1 decade ago

    On the date it was given. You can en cash it immediately if the banks are open.

  • Anonymous
    1 decade ago

    the date its recieved.

    but its not proved until its depositied

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