Then, I spoke with a friend who happens to be a Chase banker, who generalized what a teller would do if a customer came in to deposit or cash a post-dated check before the date shown.
Additionally, at the bank’s discretion, there could be a hold on the funds until the check clears.
Curious as to what happens when I defy the concept of post-dating, I checked with banks to their rules on the matter. However, I do expect to have those funds by the date written on the check.
When you post-date a check, you put a future date on the check with the idea that the recipient does not deposit it until that written date. So, I post-date the check so that the check recipient knows not to deposit that check until that date.
Payday Loans Provide Quick Easy Credit At a Steep Price Check cashers, stand-alone companies, and banks are making small sum, short term, very high rate loans that go by a variety of names: "payday loans," "cash advance loans," "check advance loans," "post-dated check loans" or "delayed deposit check loans." Typically, a borrower writes a personal check payable to the lender for the amount he wishes to borrow plus the fee.
Fees for payday loans are typically a percentage of the face value of the check or a fee per 0 loaned.
In several states the law provides for fines and or imprisonment, but does not specify if the crime is misdemeanor or felony.Occasionally, I like to skim through Reddit’s personal finance section for any interesting money topics.One recent, noteworthy topic had to do with post-dated checks and what happens to them when you attempt to deposit or cash the checks before the date written on them. If I were to post-date a check, it would probably be because I don’t yet have enough funds in my account to cover the check amount.While there are differences among the states as to how bad checks are viewed (whether a misdemeanor or a felony) and the remedies available to holders of the bad check against the drawer, there are several general factors that run through the majority of state laws: In all states the maker of a check, who tenders a check knowing there is insufficient funds or credit behind the check may be guilty of a crime and may be subject to civil penalties.In the majority of states the crime is treated as a misdemeanor.In 1997 CFA published a report on check cashing and payday loan practices which found that state consumer protections are inadequate to prevent rate-gouging and to promote informed decisions.This report updates the status of payday lending under state laws and regulations, surveys payday loan terms in 8 states, and offers recommendations to policymakers and advice to consumers.The Growth of Legal Loan Sharking: A Report on the Payday Loan Industry Jean Ann Fox, Director of Consumer Protection Consumer Federation of America November 1998 Lending small sums of money at exorbitant interest rates for short periods of time was once considered a social problem requiring the solution of usury and small loan laws.However, payday lenders have persuaded nineteen states to legalize triple digit interest short-term lending and are pressing the remaining states to make payday loans legitimate.Payday loans have proved very controversial due to the high interest rates charged, collection practices by some lenders, and disputes over compliance with credit laws.These loans sanction the writing of bad checks and entice consumers into relying on very expensive debt to live beyond their means.The prescribed numbers of days for the various states are:- 5 Days In many states the criminal provisions regarding bad checks do not apply to post-dated checks.Because post-dated checks are a promise to pay in the future, they are not technically viewed as checks.Other states, such as West Virginia, place the responsibility of avoiding the premature deposit or cashing of a postdated check on the recipient of the check.