Is post dating a check illegal
23-Jun-2020 02:14
Mary Lamphere writes travel, real estate, wellness, health and business content for a variety of online portals.Her work has been featured by a number professional websites since she started writing in 2005.
The tenant may know that he or she will not have the money in time, the check could have a stop-payment placed on it, or the check may bounce.
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.
Although it might not seem right for a bank or credit union to disregard the date written on a check, they aren’t legally required to honor the request to postpone processing a transaction unless certain conditions are met by the check issuer. recently learned this the hard way when her bank processed a postdated check several weeks before she’d intended. had sent the check to a car dealership to cover the remaining
The tenant may know that he or she will not have the money in time, the check could have a stop-payment placed on it, or the check may bounce.
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.
Although it might not seem right for a bank or credit union to disregard the date written on a check, they aren’t legally required to honor the request to postpone processing a transaction unless certain conditions are met by the check issuer. recently learned this the hard way when her bank processed a postdated check several weeks before she’d intended. had sent the check to a car dealership to cover the remaining $1,500 payout resulting from turning in a leased vehicle ahead of schedule.
||The tenant may know that he or she will not have the money in time, the check could have a stop-payment placed on it, or the check may bounce.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.Although it might not seem right for a bank or credit union to disregard the date written on a check, they aren’t legally required to honor the request to postpone processing a transaction unless certain conditions are met by the check issuer. recently learned this the hard way when her bank processed a postdated check several weeks before she’d intended. had sent the check to a car dealership to cover the remaining $1,500 payout resulting from turning in a leased vehicle ahead of schedule.
,500 payout resulting from turning in a leased vehicle ahead of schedule.“Since we were still short a few hundred dollars, why not cover most of the payout, and send a postdated check for the rest later on,” she tells Consumerist.
However, if the tenant writes the check with the intent to have funds in the account on the date that the check is postdated for, there is no intent to commit fraud or pass a worthless check and therefore no illegal activity has technically taken place.
