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He receives checks from some renters on the 28th or 29th of the month that are dated for the first of the next month.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.As a result, the transaction is not considered as issuance of a "bad check" since the creditor released the merchandise or performed the service in reliance of the check writer's promise to pay at some later date rather than in reliance of the check's negotiability.Therefore, the protections offered to creditors under the various "bad check" laws may not apply.There are several advantages to taking postdated checks in settlement of an account balance including these: 1.The fact that you are holding a check that will be presented to the bank for payment on a specific date places a burden on the debtor to have funds on deposit when the check is presented. In the event that the check is dishonored and the customer is sued, the existence of the check makes it harder for the customer to argue that the debt was never owed. Even if a post dated check is not honored when it is first presented, there is always the possibility that the check will clear at its second presentment, or that the creditor can tender the check to the debtor's bank on a collection basis.Luckily for them, Foster waits to cash postdated checks, but he isn’t legally obligated. Banks and credit unions generally state rules about postdated checks in their account disclosures.
If the check goes through, you’ll pay an overdraft fee.While compensation may influence the products we review and write about, the order in which categories appear in “best of” articles, whether products appear on our site and where they’re placed, it doesn’t affect the analysis and opinions of our writers.While we try to feature as many product offers on our site as we can maintain (1,200 credit cards and financial products!If it doesn’t go through, the recipient might charge you late fees and a bounced-check fee. “From a criminal law perspective, there is nothing inherently illegal about postdating a check,” says Eric Hintz, a criminal defense attorney at Hintz & Welsh in Sacramento, California.Hintz says that only criminal intent, such as intentionally not having enough money for a payment, can be grounds for check fraud.
There is a down side to accepting post dated checks...