I have been told it is illegal for a company to ask for a postdated check does anyone know if this is true?

Answer 1

No, it is perfectly legal for a company to ask for postdated checks as payment as long as it is stipulated in a written agreement signed by you and the company's authorized representative. When a company accepts postdated checks, they fully accept the risks involved, i.e. possible non-funding of the checks which would result to either non-payment or delayed payment. They are more at risk than you. Although, when it comes to responsibility, it is YOUR responsibility to make sure the check is funded ON or BEFORE the check date. In case you fail to fund the check, the physical check itself with the bank stamp (DAIF or NSF) will serve as a strong evidence in court proceedings.

Answer 2

If anyone should "ask" for a post dated check, that person is knowingly accepting a worthless check. If it bounces for insufficient funds, there is no recourse under the hot check law. True in any case.
All that one holds is legally, a promissory note. This can only be collected through civil action, law suit.

Answer 3

No, it isn't unlawful. even if the verify would nonetheless be cashed previous on your date. Why? some tellers will ignore the date and cashed it. yet maximum circumstances are in the adventure that they made a deposit to there account truly of cashing it. maximum tellers will be extra careful even as they money it. (i understand, i turned right into a teller and my co-workers many times are a lot less careful even as clients making deposits). I also had a nasty adventure with this female (my sister's so call pal) that she needs me to purchase a collection of facial for a chit. to save my self a visit to her position, and obviously she become urgent it to get a verify from me, I advised her i visit submit dated it and request her now to not money it previous to that date. She finished it and my verify were given bounced with an overdaft value. understand i don't believe the approach and employer that promise will wait. besides, i in my opinion imagine is a nasty theory. in simple terms budget your self extra acceptable from now, and do not submit date assessments any extra. FYI - that's prohibited to position in writing a verify once you DON"T have money interior the account. yet not printed date a verify once you already know the money will be there.

Answer 4

if it's a collection agency......they will gladly accept a post-dated check....and then send through you account as soon as they receive it.....don't ever ever give anyone a post-dated check.