Wrong, though that is what they say in the ToS But your account should be having a hold if the cheque has already been returned to google, you need to remove that hold by following that link (they are too slow in responding to support request for this aspect, i had a torrid time getting the hold to be removed, there is a full thread open in google support forums, post your request there also, else they will take ages) If your cheque did not return to them then google will wait for 3 months to expire for that amount cheque to be reissued, basically till the validity of that cheque expires
Ok now your payment is under process. They first Analise all your CTR and CPM. All detail calculated they also find is their any fraud click also their. After complete all the procedure they Send you check within 10 to 20 days.
I suppose you will get it in the next payment cycle. If it doesn't, contact support. After all, these checks are processed by a computer instead of a human.