Post dating checks
I am looking for a new job, and want to find out how to get a background check on myself, some of my passed employment dates may be incorrect. Just want to see what a possible the game rules will see about me.? Do I have to report insurance checks I received following a job accident? If yes, How? I dting received any form except the W2 for the income prior to the accident. Thank you.
Corporate Cash Management. Credit and Collection Guidebook. Effective Collections. How to Audit Cash. A post dated check is a check on which the issuer has stated a date later than the current date. It is used when the issuer wants to delay payment to the recipient, while the recipient may accept it simply because the check represents a firm date on best dating apps bdsm it will be able to deposit the check. This situation represents a risk to the check recipient, since the passage of time may result in there being no cash left in the issuer's bank account to be used to pay the amount listed post dating checks the check when it is eventually presented to the bank for payment.
Post dating checks
One note: Collection agencies in the US are permitted to elicit post dated checks with the promise to hold them until the date on them. Rickj is right on. Ten years ago right out of school I got behind in loans and defaulted. I worked with a collection agency to get back to clean status, and they required me or at least talked me into submitting a couple of post dated checks to get things rolling. They honored their promise not to cash until the proper date, but it was a nervous few months, since I really didn't know if theyd wait.
On the other side, I can also say I have had post dated checks cashed early. I cannot remember what I wrote it for, but I know it was to try to delay a payment, probably of some utility bill or something, until payday and it didn't work.
CaptainForest Posts: 3,, Reputation: Jul 26, , PM. In which, a bank can NOT cash the cheque until the day on the cheque comes into being.
So if it says Dec. While in the USA, they do not bother to look at the date on the cheque. Darquechylde Posts: 6, Reputation: 1. Oct 30, , PM. Well it is legal as stated and it is risky for the maker of the check. If a post dated check makes it past the teller or into the processing system, then it is all over However, if you notify your bank that there is a post dated check out there, they will have to find a way to make certain that check is not paid. Please note you must give the bank ample warning.
If you fail to do so, you have no recourse against the bank. Depressed in MO Posts: , Reputation: Very seldom have written a post dated check, but most of us have to from time to time-as I have a few times-and again, the banks around here will not "cash" them until the date of the check.
To me-THAT would seem illegal otherwise. They may be able to post a deposit of a post dated check, but the funds are not available until the date of the check. Nov 14, , PM. I have more of a story than an answer on this one. A company which I used to work for accepted a post-dated check from a customer. The company accidentally deposited the check early. The accounts payable department tried to reach the customer but he would not return calls.
Anyway, they ended up taking him to court over the bounced check. Turns out that the judge filed in favor of the defendant stating that our company basically should not have sent the check in for deposit and that the check was no better than a promisory IOU. The judge also stated that the check was no better than the paper it was printed on.
The judge though DID order the defendant to pay our company for products delivered, which he eventually did. Just a little food for thought--instead of accepting a post dated check from someone, I give them a hold check authorization stating what date their check will be deposited on and have them sign it and give them a copy. Find latest posts by wildcatgirl. Dec 18, , PM.
Originally Posted by CaptainForest. Curious13 Posts: 6, Reputation: 1. Jan 14, , AM. Actually, MOST banks do not accept post-dated checks. All of the banks I have worked at do not. IF they do get through proof the people who actually enter information and move it on to the Federal Reserve the customer is able to complain and the bank can be held liable. A check is a legal document, if a date on a check is not yet current, the bank can not hold that check.
Hope that helps! Jaykid Posts: 74, Reputation: 1. Jan 20, , PM. Bottom line.. I'm looking at a bank disclosure right now and it states it has the right to refuse or pay a post-dated check but otherwise states its illegal. I have been working for a bank for 20 years now. Originally Posted by Curious No credit check finance Posts: 1, Reputation: 1. Feb 21, , PM. If your thinking about taking taking post dated checks. Customers are also allowed to make larger purchases and a business can take larger amounts that you would not normally risk.
Apr 13, , AM. Why people use post dated cheques, what is the benefit of PDC? There is none. Its an agreement between you and the person you write it to. The banks don't recognize post dating checks and will cash them anyway. You take the risk or postdating it and it being cashed early by the payee and the bank.
They have no recourse to you. Leathal Posts: 3, Reputation: 1. Jul 7, , PM. There is legislation in Canada called - Bill of Exchange Act. In Section 2 number 26 is clearly states: Valid bill A bill is not invalid by reason only that it a is not dated; b does not specify the value given, or that any value has been given therefor; c does not specify the place where it is drawn or the place where it is payable; or d is antedated or post-dated, or bears date on a Sunday or other non-juridical day.
Banks in Canada must abide by the law otherwise they can in very big trouble if they don't and realistically people can sue them as the LAW is clearly written out!
Sorry I am double posting but I found more information out that I wanted to add to my original post but realized there is not edit option that I can see.
You can find it at the Department of Justice of Canada website. This is the LAW that all banks in Canada must abide by. This is from the June 19th version: Section 2 number 16 - Bill of Exchange: A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the perosn whom it is addressed to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specificed person or to bearer.
Section 2 number 26 - Valid Bill: A bill is not invalid by reason only that it a is not dated; b does not specify the value given, or that any value has been given therefor; c does not specify the place where it is drawn or the place where it is payable; or d is antedated or post-dated, or bears date on a Sunday or other non-juridical day. In the version of the Bills of Exchange Act they took the time to elaberate on what each of the points mean.
Here is word for word what it says for d above: A bill is not invalid by reason onl that it is antedated or postdated If your bank or trust company does cash the cheque before this date, CPA has another rule, called A4, Returned and Redirected Items, which allows for your finanical institution to return the cheque and put the money back into your account.
You can only ask your bank or trust company to do this up to "the day before" the cheque should have been cashed. The "real" law and rules that Canadian banks must abide by otherwise you can take legal action against them and win no doubt!
Not your question? Ask your question View similar questions. How to Audit Cash. A post dated check is a check on which the issuer has stated a date later than the current date. It is used when the issuer wants to delay payment to the recipient, while the recipient may accept it simply because the check represents a firm date on which it will be able to deposit the check.
This situation represents a risk to the check recipient, since the passage of time may result in there being no cash left in the issuer's bank account to be used to pay the amount listed on the check when it is eventually presented to the bank for payment.
A post dated check is also used when the recipient requires the issuer to hand over a set of post dated checks to cover a series of future payments, which the recipient agrees to cash on the specified dates. This approach is used to improve the odds of being paid, especially when the issuer has little credit. From the perspective of the check issuer, there should be no journal entry to record the reduction in cash until the date listed on the check.
From the perspective of the recipient, there should be no entry to record the increase in cash until the date listed on the check. Thus, the date on the check effectively postpones the underlying accounting transaction. The check is post dated to May ABC should not record the cash receipt until May 15, nor should it reduce the related accounts receivable balance until May Thus, the post dated check has no impact on the financial statements of ABC International until the date listed on the check.
Realistically, the recipient of a post dated check may never notice that the check has been post dated, and so will record and deposit it at once. The bank is also unlikely to notice the date on the check, and in any case may have a policy of honoring all checks at once, irrespective of the check date. In this situation, the check is considered a negotiable instrument, irrespective of the date, and it is likely that the recipient will receive cash from the bank prior to the date on the check.
In such a situation, it is allowable for the check recipient to record a post dated check upon receipt of the check.
From the perspective of the payer, the best way to ensure that funds are not released early is to notify the bank not to release funds against this check any earlier than the date stated on the check.