There are times when paying by check is the only payment option available to meet a requirement. It is also possible that for one reason or another you do not have the money in mind to make the payment. In these cases it is often common to use what is known as a postdated check.
A postdated check is a check that is given to the beneficiary to become effective at a future date. The check will be issued in physical at a date, but the money may be withdrawn from the bank at a later date. This date appears on the postdated check and on that date the other person will access the funds if they are available.
However, the collector may access the funds before the date only if the account has the funds. Otherwise you must wait until the deadline to get your money. After that date you must present the check to receive payment of the debt from the issuer.
Under federal law, a bank can pay a post- dated check even if it is submitted before the mentioned date. The bank can only do so if the issuer of the postdated check has sent a formal written notification authorizing the payment . If the bank does not pay you on the first attempt, resubmit the check a few days later.
You can also present yourself at the bank when you know that the account has sufficient funds. If you try to deposit the check and the funds are not available, the bank will return the check. In the latter case, the bank may charge you a fee for the failed process.
You should know that you cannot file criminal charges for a check without funds if you are dishonored by the bank. This is an important aspect to consider before receiving a payment with a postdated check. The postdated checks do not fall into the classification of bad check, but are considered an extension of credit.
Since the issuer of the check agrees to have the money by the agreed date between the two parties. By accepting this type of check you agree to extend the credit to the issuer of the check until the date indicated. For this, a mutual agreement between the payer and the beneficiary of the postdated check is necessary.
This is why it is important not to receive post – dated checks from people who are not trusted by you. It is necessary to make this type of transaction with someone with whom you have negotiated payments before. It must be someone who can be reached, in case you reach the deadline and cannot make the post-dated check effective.
It requires payment of the check to the issuer by contacting him by the means that are within your reach. If you refuse to pay or fail to locate it, you can turn to a professional collection agency. Hire the services of a professional collection agency if the check has not been recognized.
The service check cashing are companies that specialize in collecting bad checks and rejected. This way you make sure you receive the agreed payment and you will keep your money safe minimizing losses. You can also file a lawsuit requesting monetary compensation, since the issuer did not comply with the agreement.
Monetary compensation will require compensation to the issuer that will be transferred to settle the debt. With this demand you will recover your money in any way and through a formal and above all legal method.
Some advice
You should take into account that issuing a post-dated check is not illegal. However, when you do, it is not a regular process of the bank so they will not respond for any incident. You should remember that the bank is not obliged to pay it unless there is a prior arrangement.
After you can post-check a check with your bank, that’s when you can have the support of the bank. In which case it is necessary to make a letter or some type of document to formalize the agreement. This arrangement must have been agreed following and respecting the bank’s rules.
Therefore, before making payments with post-dated checks, it is advisable to go to the bank.