IMPORTANT: Payments marked “PAID IN FULL” when an account is, in fact, not paid in full legally nullify the statement or any similar statement on a payment instrument. Items returned by your bank as “NSF” (Non-Sufficient Funds) or any variation, or “ACCOUNT CLOSED”, “PAYMENT STOPPED”, or any variation, or returned for any reason will result in a $30 Returned Item Fee. Habitual problems with receiving checks from a customer can result in being required to make payment only in the form of a money order or certified funds. Checks that are not signed can and will legally be deposited.
POST-DATED CHECKS: Some customers will send one or more post-dated checks to save time, money, and so as not to forget a future payment. In the event that you have notified us in advance and have received a confirmation number from a representative that you are sending in one or more post-dated checks, we agree not to deposit the check(s) until the date on the check(s). Should we deposit the check(s) prior to the post-dated date, we will reimburse you for any verified fees you incur within 5 business days from proof of fees. We encourage you to also highlight or circle the date on the check as a safety. If you send a post-dated check without a confirmation number from a representative, you MUST highlight or circle the date. If you do not, and we deposit the check(s) prior to the date, we will not be liable for any fees incurred including fees that result owed to us, if any. BY LAW, post-dated checks are not legally binding, and neither the payee nor the bank on either side are obligated to delay depositing a post-dated check unless an agreement, such as these terms listed, is in effect. A bank does have the right, however, to disallow a post-dated check to be deposited ahead of schedule, but they are not liable for depositing one with or without a policy in place.
STALE-DATED CHECKS: Stale-dated checks used to apply to any check over a certain number of days old. Sometimes that was 180 days, even 365 days. Changes in the law called Check 21 changed the rules. Now, there is legally no such thing as a “Stale-Dated Check” unless either the bank has a policy not to accept checks dated after a certain number of days has passed or if the check is pre-imprinted with a “Void Clause” such as “VOID AFTER 90 DAYS”. In other words, if you backdate a check or we receive it long after it was written, for whatever reason, we will deposit the check unless you have a zero balance or unless you have previously notified us of a stop-payment being placed on the check because it was thought to be lost, assuming you have a confirmation number on file from a representative. If this type of check is returned, we will charge a $30 Returned Item Fee unless we erroneously deposit it in the scenario where you have a confirmation number.
WE LIMIT the amount of time we will wait for a returned check to be repaid to us. The limits are based on a combination of company policy as well as the statute of limitations within Indiana and within your state. We do not hesitate to take legal action against those that leave a returned check unpaid up to and including prosecution, with liability of all court costs, appearance fees, etc., being passed on to you. Please don’t put us in a position to have to follow through with this. Speak with a representative IMMEDIATELY to make arrangements to rectify this matter.
