Settling a car accident claim in Florida can bring relief, but there’s one more detail to consider: your settlement check. How long do settlement checks last? This article explains the legalities of settlement checks. Discover the process, timeline, and potential expiration of settlement checks. Learn how 1-800-Injured assists with finding experienced legal representation.
Explanation of Settlement Checks and Their Purpose
Settlement checks are payments made to resolve personal injury claims, providing compensation for damages such as medical expenses, lost wages, and pain and suffering. After negotiating and agreeing on a settlement amount, the responsible party or their insurer issues a check to you. This check serves as a final resolution, releasing the responsible party from further liability.
You should cash or deposit the check promptly to avoid complications, as banks and other financial institutions may impose expiration dates on checks. Delaying can result in needing a reissue, which can further delay your access to funds.
Common Timeframes for Receiving Settlement Checks
Settlement checks in Florida typically arrive within a few weeks to a few months after reaching an agreement. This timeframe includes processing paperwork, obtaining necessary signatures, and disbursing funds. Delays may occur due to administrative issues or disputes. Stay in touch with involved parties to address any delays promptly.
Timely action can prevent further complications and ensure timely access to funds. If you encounter any concerns or need assistance with your settlement check, consider seeking guidance from legal professionals.
Factors That May Cause Settlement Checks to Expire
Florida settlement checks come with an expiration date, and missing it can mean losing your compensation. Here’s why timely action is important:
State Law
While Florida doesn’t specify a timeframe, most states adhere to the Uniform Commercial Code (UCC), which sets a general expiration date of six months for cashier’s checks. This means you typically have six months to cash your check from the issuance date.
Bank Policy
Individual banks might have stricter policies, with expiry dates shorter than six months. It’s always best to check with the issuing bank to confirm their specific timeframe.
Check Dormancy
Even if the check doesn’t technically expire, it might become dormant after a period of inactivity. Dormant checks require additional steps to access the funds, potentially causing delays and inconveniences.
Steps to Prevent Settlement Checks from Expiring
Have you settled your Florida accident claim and received a settlement check? Don’t let it expire. Take action to ensure you receive the compensation you deserve:
Act Quickly
While you might have some time, avoid unnecessary delays. Ideally, deposit or cash your check within a reasonable timeframe after receiving it.
Confirm Expiration Date
Contact the issuing bank directly to confirm the specific expiration date for your settlement check. Banks often print this date on the check itself but double-checking ensures clarity.
Deposit or Cash the Check
The most straightforward option is depositing the check into your bank account. Alternatively, you can cash the check directly with another financial institution that offers check-cashing services.
What to Do If a Settlement Check Has Expired
Even with caution, a settlement check can expire. Don’t panic! Contact the issuing bank immediately. Many banks allow expired checks to be reissued within a certain timeframe, often with a fee. Explain the situation and inquire about their policy on expired checks. If the bank isn’t helpful, find help from a local attorney specializing in personal injury law. They can guide you on the best course of action to recover the funds from your settlement.
Benefits of Working With a Personal Injury Attorney
A Florida accident claim can be complex. 1-800-Injured is an attorney and medical referral service that connects you with experienced personal injury attorneys in your state. These are the benefits of working with a lawyer:
- Knowledgeable Representation: An established attorney understands Florida’s PIP laws.
- Free Consultation: Discuss your case details with a professional during a free consultation.
- Access to Their Network: Many local attorneys are familiar with the insurance company agents and court employees you’ll be dealing with, which can expedite the claim and trial processes.
- No Win, No Fee: Most attorneys work on a contingency fee basis. You owe nothing unless your case is successful. Pursue compensation with peace of mind.
Contact 1-800-Injured today to get started.