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But they may be referring to the fact that you're not supposed to give someone a check that you know is not good at that moment. I'm working with the bank to see if they can't give you more of a break this one time. You will get burned, and you will be the one in the wrong.
The Question: We've had a GM Master Card for 14 years and have purchased two cars with our "earnings," most recently in February. What can you tell us about the wisdom in closing this account?
A "post- dated cheque" is only a bill of exchange when it is written or drawn, it becomes a "cheque" when it is payable on demand.
The post-dated cheque is not payable till the date which is shown on the face of the said document.
However, a bank may refuse to honour a cheque if the post-date is noticed; otherwise, the payer has no right to take any form of legal action against the bank for letting the cheque be processed.
The bank can cash it unless it believes the check won't clear or is fraudulent.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. 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.A Canadian bank, for example, is not supposed to process a post-dated cheque and if it does so by mistake, the cheque writer may ask their bank to correct the error.
In the United States and the UK, post-dated cheques are negotiable instruments and can be drawn upon at any time, while in India and Australia post-dated cheques are not payable until the date written on the cheque. (1) Where a cheque, or any indorsement of a cheque, is dated, the date shall, unless the contrary is proved, be presumed to be the day on which the cheque was drawn or the indorsement made, as the case may be.
It will hurt it -- maybe by just a few points or maybe by a lot.