BANKING

Ask Paul: I have a 47-year-old cheque no bank will cash

0
Share on Facebook
Share on X
Share on LinkedIn

By

What do you do with a cheque that's been gathering dust for almost half a century? One reader is trying to cash a cheque from 1979, but the original bank has closed and the trail has gone cold.

Reader question

Hi Paul,

What do you do with a cheque that's been gathering dust for almost half a century? One reader is trying to cash a cheque from 1979, but the original bank has closed and the trail has gone cold.

I have been an avid reader of Money and have been following you since you launched your TV show many years ago.

I have a problem and I hope you can help, as I have run out of options.

I have a cheque dated 1979 but misplaced it as I have moved three times over the years. Colonial State Bank does not exist anymore. I tried ASIC unclaimed monies but did not get anywhere. I tried the bank that took over Colonial State Bank to no avail.

I do not know what to do with this cheque. I have heard cheques will be obsolete later.

I would very much appreciate your advice on this matter, please. - Jeanette

Paul Clitheroe's response

This is an interesting one, Jeanette.

I had absolutely no idea what to do either, so I 'phoned a friend' who works in the banking sector at a very senior level.

Colonial State Bank, I am told, was taken over by the Commonwealth Bank of Australia in 2000. Apparently, they will not issue a new cheque, nor would they honour a 47-year-old cheque even if you had it.

None of this is a big surprise to either of us. But one thing banks are good at is record keeping.

To say you are way outside the 'typically 15 months' before a cheque goes stale is an understatement. I took a look at the Cheques Act 1986, but that was not very helpful.

Your cheque being made out in 1979 did not help your cause.

You've tried ASIC's unclaimed monies, so your next step is to go to your state registry. In NSW, that would be Revenue NSW Unclaimed Money.

I wish you all the best, but having lost a cheque made out in 1979, you really will be pushing your luck to sort this one.

Can any Money readers help Jeanette? Drop us an email at [email protected] if you can.

Read this next

Get stories like this in our newsletters.

Related Stories

TAGS
, 
0
Share on Facebook
Share on X
Share on LinkedIn

Paul Clitheroe AM is the founder of Money and serves as the publication's editorial adviser. One of Australia's most trusted personal finance experts, Paul has spent decades helping Australians build wealth, manage debt and make smarter money decisions. He is widely known for host­ing the Money TV program and authoring best-selling personal finance books. Since launching Money in 1999, he has played a leading role in delivering practical, independent financial guidance to Australians. Paul is chair of InvestSMART Financial Services. He was the founding chair of Ecstra Foundation, a national not-for-profit focused on improving financial wellbeing, from 2018 to 2026, and led the Australian Government's Financial Literacy Board and Financial Literacy Australia from 2004 to 2019. In academia, Paul is chair in financial literacy at Macquarie University, where he is also a Professor in the School of Business and Economics. Ask Paul your money question. Due to volume, Paul cannot respond to questions posted in the comments section.