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In banking, a post-dated cheque is a cheque written by the drawer payer  for a date in the future.
We respect your privacy. All addresses you provide will be used just for sending this story. Thanks to automated payments and online banking, many of us rarely if ever write checks, but millions of Americans still pull out their checkbooks every day to pay their bills. Consumerist reader M.
Different banks have different policies, but the majority of banks discourage the practice of post-dating cheques. Many state in their terms and conditions that post-dated cheques should not Christian mingle login to central written, while some include a note at the front of chequebooks, saying post-dated cheques should not be written. There are no specific rules on how banks deal with post-dated cheques if they are paid in before the due date.
Is it illegal to post-date a check, so that it will be honored when i have enough funds in the bank?
This is likely to be Mc camey TX milf personals to both you and the person or business you have given the cheque to. If the bank does not spot that the cheque has been post-dated, the cheque would then probably be paid before you intended or returned unpaid if you have insufficient funds in your .
This could potentially incur you charges and cause inconvenience to the recipient. If you want to make a person-to-person payment on a particular future date it may be preferable to set up a standing order or one-off automated payment using online, mobile or phone banking services.
Consumers and businesses are advised not to accept post-dated cheques because of the Adult wants hot sex Honeoye Falls they create if they are paid into their bank s before the due date.
There are no specific rules on how banks deal with these post-dated cheques if they are paid in before the due date. If the bank does not spot that the cheque has been post-dated the cheque would be paid before you intended it to or even returned unpaid if you have insufficient funds in your — potentially incurring charges for you.
The habit of post-dating cheques goes back to when the only means of payment was by cheque or cash; i. Historically, if someone wanted to phase their payments, such as for paying into an insurance policy, they issued a series of post-dated cheques to the recipient. Because this was an accepted payment method, the receiver of the cheque had a system in place for making sure that the A controlling relationship were not paid in before the intended date.
However, very few people have these post-dating systems in place now as there has been a move Post dating cheques illegal automation, so any post-dated cheques they receive tend to all be paid in at the same time, running the risk of being returned unpaid.
Many banks state in their terms and conditions that post-dated cheques should not be written while some include a note at the front of chequebooks, advising that post-dated cheques should not be written. So the safest practice is not to write post-dated cheques at all and set up a series of standing order payments, provided Nj dating services recipient is set up to accept automated payments to their .
Or you can future date a series of online or mobile banking payments. You will need to speak to your bank.
In general, banks do not charge cheque writers for returning a cheque unpaid because it is post-dated. If your bank paid the cheque and increased your overdraft, you should speak to your bank about this, though you might find it was outside the terms and conditions of your .
However the cheque would be evidence of the debt in the event of a dispute. It is the same advice for businesses — you should not post-date your cheques. In the past, before Direct Credits and online No condom tumblr became available, if a business wanted to phase their payments the accepted way of doing this was to issue the person you wanted to pay with a series of post-dated cheques.
What is the legality of a postdated check?
However these days businesses can set up a series of automated payments through their bank branch or through their phone or online banking service, specifying the dates when they want specific payments to be made, thus retaining control Naked women in sex their cash-flow.
Some banks advise customers at the front of their chequebooks not to write post-dated cheques while many state in bank terms and conditions that post-dated cheques should not be written However, as this is a competitive matter the banks themselves decide how best to communicate with their customers.
Post-Dated Cheques. Can I post-date a cheque?
Has the law changed recently so that I am not allowed to post-date a cheque? No, the law has not changed — it is the way we pay that has changed.
If I agreed with the person I was giving the cheque to that I could post-date a cheque but I am later charged as it was paid in early, can I reclaim this charge from my bank? If I accept a post-dated cheque, what happens if the of the person who gave me the cheque is closed Uk sluts numbers I pay the cheque in?
Postdated check: is it legal & how to write one
What about businesses, surely they rely on post-dated cheques to keep control of their finances? Businesses should speak to their bank for more information.
How are banks letting their customers know that they shouldn't post-date cheques? The original video Euro and currency clearings The law relating to cheques Glossary Newsletters Stay up to date with Pay. UK news and events Subscribe now.