A postdated check—a check with a date that is later than the current date—is not considered to be currency. Further, the postdated check should not be reported as part of the Cash account balance until the date of the check.
What happens if cheque is post dated?
So, the story of the post-dated cheque is that you dont have sufficient balance on the date the drawee demands the sum from you and you issue him a post-dated cheque with a future date. This is kind of giving assurance to the recipient or the drawee that on this future date, the payment will be honoured.
What is customer post-dated check?
A post-dated check (or post-dated cheque) is a check written with a future date. In other words, the date that appears on the check is after the date when the check was written. Even with a future date appearing on the check, the check could clear (be paid from) the bank account prior to that date.
Can you stop payment on a post-dated check?
Stopping payment on a check is usually possible anytime before the check has been cashed. Once the check has been cashed by the recipient, you wont be able to make a stop payment with the bank. The bank may often request a written statement; if so, issue them your written request as soon as possible.
Can someone cash a postdated check early?
Can a bank or credit union cash a post-dated check before the date on the check? Yes. Banks and credit unions generally dont have to wait until the date you put on a check to cash it. However, state law may require the bank or credit union to wait to cash the check if you give it reasonable notice.
How do you cash a stimulus check?
If you dont have a bank account, here are a few check-cashing options to consider.Walmart. Cashing fee: Up to eight dollars. Local banks. Cashing fee: Five to 20 dollars. Check cashing stores. Cashing fee: Up to three percent. PayPal. Cashing fee: Free. Ingo Money. Cashing fee: Up to one percent.Apr 6, 2021