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What does post dating a check do

What does post dating a check do


The only way to possibly prevent a postdated check from being processed early is to let everyone involved know in advance — and in a format that goes beyond just postdating the check. Additionally, the only time a bank can be held liable for processing a postdated check before the indicated date is if that notice is still valid. Instead, consumers could seek alternative measures such as a small-dollar loans from a credit union or community bank, inquire about a pay advance from their employer or work out a payment plan with the company or individual they are paying. All email addresses you provide will be used just for sending this story. This article originally appeared on Consumerist. 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. Oops, we messed up. Send We respect your privacy. In which case, the CFPB says the institution may may be on the hook to cover damages such as the cost of overdrafts and other fees. Pamela Banks, senior policy counsel for our colleges at Consumers Union, tells Consumerist that sending a postdated check can be an indicator to the recipient that the check-writer is in dire financial straits. She says that many people who end up falling into predatory lending traps like payday loans have also used postdated checks to try to stave off debt collectors.

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What does post dating a check do. Does Postdating A Check Prevent Anyone From Depositing It Early?.

What does post dating a check do


The only way to possibly prevent a postdated check from being processed early is to let everyone involved know in advance — and in a format that goes beyond just postdating the check. Additionally, the only time a bank can be held liable for processing a postdated check before the indicated date is if that notice is still valid. Instead, consumers could seek alternative measures such as a small-dollar loans from a credit union or community bank, inquire about a pay advance from their employer or work out a payment plan with the company or individual they are paying. All email addresses you provide will be used just for sending this story. This article originally appeared on Consumerist. 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. Oops, we messed up. Send We respect your privacy. In which case, the CFPB says the institution may may be on the hook to cover damages such as the cost of overdrafts and other fees. Pamela Banks, senior policy counsel for our colleges at Consumers Union, tells Consumerist that sending a postdated check can be an indicator to the recipient that the check-writer is in dire financial straits. She says that many people who end up falling into predatory lending traps like payday loans have also used postdated checks to try to stave off debt collectors.

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4 thoughts on “What does post dating a check do

  1. [RANDKEYWORD
    Sasida

    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.

  2. [RANDKEYWORD
    Karr

    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.

  3. [RANDKEYWORD
    Mikakus

    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.

  4. [RANDKEYWORD
    Nizragore

    Try again later Thanks to automated payments and online banking, many of us rarely if ever write checks, but millions of Americans still pull out their checkbooks every day to pay their bills.

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