Deposit Cashing

[KDC]

When do you cash a deposit check? I have a new family that signed the contract and filled out all forms, and gave me a check for first and last week/holding. Do I wait until just before they start (Starting in June) or can I cash it any time. BTW, there's a problem with the check and I will have to have them drop off a new check (post dated April 2015, we're not yet in 2015 so I doubt it will cash.)

Deposits are non-refundable unless I break the contract. If for any reason there was an issue, I would refund $$ anyway.

[SilverSabre25]

it sounds like they probably just wrote the wrong year...

but IF I took a deposit I would cash it immediately and hold it in a savings account just for deposits. Also, if a family can't pay it up front i would work out a payment plan where they pay extra each week until the deposit is caught up.

[llpa]

it sounds like they probably just wrote the wrong year...

but IF I took a deposit I would cash it immediately and hold it in a savings account just for deposits. Also, if a family can't pay it up front i would work out a payment plan where they pay extra each week until the deposit is caught up.

This is what I do also.

[KDC]

I'm guessing it was the wrong year as well. I just didn't know if there was a reason to hold off on cashing it. I will def. put in savings. Thanks for your advice!

[itlw8]

You cash it right then otherwise they can just cancel the check if they change their mind.

[Unregistered]

Banks don't generally look at the date. Most banks will still deposit a post dated check. Legally, post dated checks mean nothing and can still be cashed by the intended party.
I would just scribble off the 2015 and make it a 2014.

[midaycare]

Banks don't generally look at the date. Most banks will still deposit a post dated check. Legally, post dated checks mean nothing and can still be cashed by the intended party.
I would just scribble off the 2015 and make it a 2014.

Make sure you initial where you change the date. I worked for a bank way back when, and we would look at the date, and only accept changes if they were initialed.

[wdmmom]

I cash all checks within 3 business days including deposit checks. If the check isn't cashable, I would give them 3 business days to come back with cash in hand and return the check. If they don't, the spot doesn't belong to them.

[spud912]

I cash all checks within 3 business days including deposit checks. If the check isn't cashable, I would give them 3 business days to come back with cash in hand and return the check. If they don't, the spot doesn't belong to them.

[TheGoodLife]

I keep my two week deposits in savings until the 2 weeks they are to be used. But definitely cash right away

[MarinaVanessa]

I would deposit/cash it immediately ater it was given to me.

I deposit the deposit checks into a business savings account and won't touch it until the client's last two weeks of care, if they cancel or back out before starting then I may transfer and use it or maybe return it (if I can get a client to take their place right away) if I wasn't inconvenienced or losing business by doing so.