You’re paid by check, and you want it cashed soonest. But your bank won’t cash it and you are oblivious to the reason why. What are the reasons why your bank keeps you from cashing your checks?

Cash is a universal means of paying and getting paid for the products of services. However, paying in cash may not always be the most convenient way. When cash is not available, some grab their credit cards while others prefer the good old checks.

Checks are a wonderful way to get paid in terms of security, but it is not the most convenient. And when you try to cash your checks through banks, you may encounter some issues and find yourself in dire situations financially. So before you go to your bank to get your checks cashed, here are some reasons for banks to reject your transaction you should look out for.

• What’s The Date?

There are some limitations for checks to be cashed, and this is one of the simplest yet common reasons why. Issuers often post date checks because they need time to fund the check. There are also some instance when the checks issued are too old. There is a certain limit of days for checks to be deposited or cashed.

• The Amount on Your Check is Too Large

There are banks that can handle transactions worth millions, but they would still need a heads up. cashing a large amount of money may also put the bank on alert. They will often scrutinize your transaction and may also need a go signal from the issuer of the checks. The branch may allow and ready their funds for your check, or they may direct you to another, and often larger, branch.

• The Payee of the Check is Not in Your Name

What name is on your check? If it is named after you, and you have enough ID with you, then your check will likely be cashed. However, there are some chances that the issuer will name it after a business name. If you are running a business, this may happen more often and you will need to deposit your check on your business’ bank account.

• Any Hold Request from the Payer or Issuer of the Check

A checking account holder can advise their banks to hold a check with a specific serial number. If your check has the serial number, then the bank will not approve its encashment unless the issuer lifts the hold. The issuer can send a written request for their bank to hold the check, with the validity of up to six months. Verbal notice from the issuer are mostly given up to 14 days of validity.

It is important that you scrutinize the checks you receive. Should you encounter these issues, do not panic. You can contact the issuer of the check and get confirmation that you can cash the check. There are also other financial institutions or check cashing companies who will gladly take your check once you provide all the information or requirements.