Post-dated cheques have a very important role in debt settlement and you should not bounce them lightly.
My manager told me that it is 'illegal' to write a post dated cheque, as you are assuming that funds will be in your account.
About two years ago I was speaking with my bank manager. I mentioned in passing that they (bank) cashed a post-dated cheque I had written to tenents prior to the cheque date. I must add that it was ok as the house was in perfect condition when we checked it over.
My manager told me that it is 'illegal' to write a post dated cheque, as you are assuming that funds will be in your account.
Which begs the question, why bother putting a date on a cheque at all?... if you write a post dated cheque and it's paid, the bank are not responsible.
Which begs the question, why bother putting a date on a cheque at all?
I don't remember when I last wrote a post-dated cheque, but if my bank paid on it before the due date, they would have an issue with me, and I am not sure that they could successfully hide behind T&Cs.
if my bank paid on it before the due date, they would have an issue with me, and I am not sure that they could successfully hide behind T&Cs.
I am not too sure about that.
The banks have a huge number of cheques being processed automatically every day. They might well miss a post-dated cheque.
If I was a banker and someone hassled me for honouring a post date cheque too early, I would tell them to take their business elsewhere.
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