Post-dated Cheques Cashed Early Sometimes a post-dated cheque is deposited before the date on the cheque. The cheque can be returned and the amount credited back to your account up to the day before the date written on the cheque.
What happens if you deposit a post-dated cheque early?
If a post dated cheque does clear early, they can reverse it back as it was their mistake. The stale date is the main purpose of the dating of the cheque.
Can you cash a check earlier than the date?
Cashing a check before the date written on it is allowed. If you have notified your bank not to honor the check until a specific date, however, they may oblige.
How far in advance can you postdate a check?
That means the bank must wait to cash the payment until the date stated on the paper or until six months is up, whichever comes first. But if the consumer gives oral notice to the bank, the institution must only wait 14 days before processing the note – even if that happens to be before the date on the check.
What happens if you bank a post-dated cheque?
There are no specific rules on how banks deal with post-dated cheques if they are paid in before the due date. However, its likely that if your bank spots a post-dated cheque that you have written, it will return it with the reason given as “post-dated cheque”.
Is post-dated cheque safe?
The Supreme Court held that whether a post-dated cheque is for discharge of debt or liability depends on the nature of the transaction. If, on the date on which the cheque is issued, liability or debt existed or the amount is legally recoverable, Section 138 of the act will be attracted.
Can a post-dated cheque be stopped?
The Supreme Court has ruled that stopping the payment of a post-dated cheque, issued to discharge debt or liability, is a criminal offence under the Negotiable Instruments Act.
Can I deposit a post-dated check?
Postdated checks are checks written with a future date. Postdated checks can usually be cashed or deposited at any time unless the person who wrote the check specifically told their bank not to honor the check until a certain date.
Can you deposit a check if its post-dated?
Can a bank or credit union cash a post-dated check before the date on the check? Yes. Banks and credit unions generally dont have to wait until the date you put on a check to cash it. However, state law may require the bank or credit union to wait to cash the check if you give it reasonable notice.
What happens if you dont put a date on a check?
No Date. There isnt anything in the Uniform Commercial Code saying a check has to be dated. If you receive an undated check you can fill in the date yourself. You can then cash it or deposit it as long as the check writer signed it and properly filled out the amount and the payee line.
Can we drop post-dated cheque in bank?
So, yes, you can deposit a post-dated check before the date shown, but it isnt advised. Be prepared for the possibility that the check funds wont be available. Not only do you not want to incur an insufficient funds fee, you dont want to go through the trouble of obtaining a reissued check.
Can I cash a post-dated payroll check?
To cash a post-dated check, you should visit any nearby bank, credit union, or check cashing store (preferably from the list given above) along with a valid government-issued photo ID. Note that banks and credit unions are not required by law to cash the check on the future date given on the check.
How important is the date on a check?
The date on a personal or business check can dictate the last opportunity the payee has to deposit or cash it. Banks are not obligated to cash checks more than six months after the check date, although they may choose to do so anyway.
How long does a post-dated check take to clear?
It usually takes about two business days for a deposited check to clear, but it can take a little longer—about five business days—for the bank to receive the funds.
Does a cheque have to have a date on it?
We reserve the right not to pay a cheque that is older than 6 months (from the date written on the front of the cheque). If you have a cheque dated 6 months or more ago it may not clear and you should contact the issuer of that cheque and ask for a replacement. If you do not stop the cheque it may still be paid.
Can you give someone a post-dated check?
Post-dated checks are perfectly legal. Only “properly payable” checks are supposed to be cashed by banks. But just about anything with the right signature on it is properly payable, including post-dated and overdrawn checks. Post-dated checks are a risky form of do-it-yourself credit.
What happens if a check is fraudulently cashed?
If you were paid with a fraudulent check, your bank might refund the fees and not hold you responsible for the debt. However, they will expect you to provide them with all of the information you have about the person or business that presented the fraudulent check to you.