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A post-dated cheque is a cheque, on which a future date appears and not a current date. For example, if today is 01/01/2012, then a cheque which bears a date (say) 15/01/2012 is a post-dated cheque, till that date (15/01/2012) comes. In other words, till 14/01/2012 this cheque will be considered as post-dated cheque. That is, the future date has not yet arrived (till 14/01/2012). On 15/01/2012, the cheque will be no longer a post-dated cheque, but becomes a current dated cheque.
In India, a cheque should be presented for payment on or after the date that appears on the face of the cheque. This date is also called ostensible date.
A banker cannot a pay a post-dated cheque as he has no mandate to debit the account of the depositor earlier than the date of the cheque. In other words, a post-dated cheque should not be paid and should be returned to the holder with the reason, "Cheuque is post-dated" as the payment of a post-dated cheque is fraught with dangers. Since payment of a post-dated cheque, as per Section of the 10 of the Negotiable Instruemnts Act, 1881, is not a payment in due-course, many banks in India will not make payment of the cheque.
If any defect in the title of the payee is found later, the banker cannot claim protection and should make good the loss to the ture owner.
M.J. SUBRAMANYAM, BANGALORE
Wiki User
∙ 11y ago
Wiki User
∙ 12y agoA little definition first: "post-dating" is the practice of entering a date in the future in the "date" area of the check. This is supposed to indicate that it should not be presented for payment until the date written on the check arrives.
In practice, this amounts to a request; in most jurisdictions, banks are not obligated to adhere to the date on the check unless they have been formally and officially notified of it. Even then, in some places, banks are permitted to honor the check with no legal recourse available to the account holder.
Most of the time, banks take reasonable precautions not to honor post-dated checks, but there's no guarantee that one might not slip through.
The usual reason for a post-dated check is that it amounts to a short-term loan. The recipient of the check is agreeing in principle to not cash it for some (short) period of time in exchange for having a negotiable instrument for the amount of the debt (plus, in some cases, interest and fees) in hand.
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Can you cash your check for January 3rd today the 31st?
No, a check dated in the future is a post dated check. Banks won't knowingly cash a post dated check.
Is it legal to write a post dated check in Pennsylvania?
Yes, it is legal to write a post-dated check in Pennsylvania. However, banks are not obligated to honor post-dated checks, so there is a risk that the check could be deposited before the date written on it. It is recommended to communicate with the payee about the date the check should be deposited.
Are post dated checks followed by banking prodecures?
I cant share about every bank but i know that is a post dated check is presented at the bank i work at we will not honor it. That said, if a post dated check is dropped in the night deposit or ATM machine we really have no choice but to process it. It is technically illegal to write a post dated check.
Can you write a post-dated check?
Yes. You can write a post dated check. It is perfectly legal as long as the person to whom you gave the check doesnt submit it for cashing before the date you put on the check.
Can a bank pay a post dated check early?
No.
Is a post dated check illegal in Florida?
I worked in banking for years, and never heard of post dated checks being illegal.
In a payday loan what is considered collateral?
Post dated check.
Can a post dated check be cashed?
A post dated check can be cashed, but only when enough time has elapsed that the current date is equal to or later than the date of the check. Banks require a current date on checks.
Is it legal in Michigan to write a post dated check?
Yes. Writing a post-date check is perfectly legal anywhere in the world. But, cashing a post dated check is not. A check can be submitted for encashing only on or after the date mentioned on the check has reached. Until the check's date has reached, it is a worthless piece of paper that has no value.
Meaning of Post-dated check 30 days?
The meaning of post-dated check 30 days means today you write out a check, but you date it 30 days from now. This prevents the person receiving the check from cashing it until the date written on the check.
What rights do you have when someone cashes a post dated check before the date on the check?
This depends upon laws in your particular jurisdiction, but in most cases, there is no such thing as a "post-dated check" in the eyes of the law. When you write the check, you should be capable of honoring it immediately.
Can you cash a post dated check?
Yes, or you can deposit it in an ATM machine.
