In the United States and the UK, post-dated cheques are negotiable instruments and can be drawn upon at any time, while in India post-dated cheques are not payable until the date written on the cheque.
In Brazil, the drawer may seek damages in Justice if their cheque is cashed in before its due date, according to the jurisprudential orientation of the Superior Court of Justice, as per Summary No. Under the clearing rules of the Canadian Payments Association, a post-dated cheque cannot be cashed prior to the date written on it. However all the court rulings missed looking into relevant sections of law.
Hi all, I know writing a check for first month's rent and security deposit is customary when signing a lease to rent an apartment in NYC.
The lease will be signed today, but the lease term doesn't commence until Feb 2010.
He suspects his tenants do this to keep him from cashing their rent checks before they’ve been paid, so their rent checks don’t bounce.
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The rent check of 5 cleared, but wiped out my balance, which was supposed to cover other checks and ATM withdrawals. The Answer: This is an important lesson for people, and a potentially expensive one for you: It doesn't matter what date is on a check -- it can still be cashed. She noted that such matters are governed by the Uniform Commercial Code, which concerns general business practices.
The checks usually aren't cashed until the first of the month and they clear my account on the second or third. Key and my landlord both said, "Too bad," and said postdating checks is illegal, anyway. There are no Federal Reserve regulations, which cover banking, that govern the payment of post-dated checks, said spokeswoman Anne Di Teodoro.
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I can tell you generically that closing this account will not help your score.
In banking, post-dated cheque is a cheque written by the drawer (payer) for a date in the future.
The landlord will simply earn interest on the money.
The Question: I recently sent in my rent check early, as I usually do, with the date on the check reading Sept. The check was cashed by my landlord at his bank (Dollar Bank), and my own bank (Key) on Aug. There would have been enough money in there by Sept. One section, Article 4, 4/401(c), says: "A bank may charge against the account of a customer a check that is otherwise properly payable from the account, even though payment was made before the date of the check, unless the customer has given notice [such as stop payment] to the bank of the postdating." As far as whether it's illegal to postdate a check, it's not.