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Old 01-05-2013, 02:36 PM   #1
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Pink Checks

The thread about tax returns being held up and how they have held off on returns because they didn't have the money got me thinking. How do you feel about writing a "pink check" where you know you're getting paid in the next day or two but you don't have the money in your account atm, knowing it takes a few days for a check to clear? I will admit I did this once when DH was unemployed and we needed to get some groceries. It made me so nervous, but it turned out fine. Consider this illegal or a way to help get you by? Obviously, it's a gamble, check could very well bounce if something went wrong with your paycheck. I remember carpooling with a friend who did this regularly. I had never even thought of it until she told me about it. What do you think?

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Old 01-05-2013, 02:44 PM   #2
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Re: Pink Checks

Not something I am comfortable with, but I have never had no food either, so I could see how it happens with needed stuff.
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Old 01-05-2013, 02:46 PM   #3
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Re: Pink Checks

I've done it on occasion but we have overdraft so the bank would clear it, but we'd be charged $20 for the service. I'd never do it if I didn't have that.
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Old 01-05-2013, 02:49 PM   #4
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Dh does this a lot with our rent check, which drives me crazy.

It's only slightly different. He bartends second shift and makes the majority of his money on the weekend when the office is closed. So he'll slide the check under the door Friday night (and they accept it as not late) knowing they won't cash it until Monday evening at the earliest and the money will be deposited Sunday afternoon at the latest.

It's never turned out badly for us in a year of living here and doing it maybe 1/3 of the time but it still drives me batty.
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Old 01-05-2013, 02:49 PM   #5
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I think most places now have automatic check verification...or at least enough places do that I wouldn't risk it.
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Old 01-05-2013, 02:53 PM   #6
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Re: Pink Checks

It's risky and illegal in many places.
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Old 01-05-2013, 03:00 PM   #7
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Re: Pink Checks

We often send rent in a day before paycheck but that's cause it's due on the 1st and we don't get paid till 1st and I can't hand-deliver it. But don't feel like that's the same thing since its not really a "gamble". Landlady knows not to cash it till 1st (agreement) and dh's check is steady. I wouldn't do it for food cause every place now is automatic- it wouldn't fly.
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Old 01-05-2013, 03:03 PM   #8
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Re: Pink Checks

I have before, but with everything posting so quickly now and the electronic processing, I am not comfortable doing it now.
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Old 01-05-2013, 03:30 PM   #9
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Re: Pink Checks

I think it's pretty foolish, and I wouldn't do it. This is one of the reasons however that I float an extra 1k in my checking account so that even if a paycheck is late, things like my rent won't bounce. But honestly it's not worth the stress for me. I'd be worryign about it constantly until I knew it cleared, and money stress is something I just don't want.
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Old 01-05-2013, 03:59 PM   #10
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I agree, it's too risky. We live in a small town that still takes forever to cash a check. I lost my debit card for awhile and had to write checks and I was surprised by how long it took to clear, almost a week!
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