According to Legal Match, it is legal to write a post-dated check; however, legal options are limited if the check is cashed early. In addition, if you accept a post-dated check that does not clear, most states do not apply check fraud laws to post-dated checks.Know More
According to Nolo, unless you give your bank reasonable notice not to pay the post-dated check until the given date, the bank can cash it when it is presented. According to the Consumer Financial Protection Bureau, this notice is valid for up to six months.
Debt collectors and creditors often ask for post-dated checks or payments. The Fair Debt Collection Practices Act prohibits debt collectors from cashing post-dated checks early, states Nolo. In addition, if a creditor cashes a payment early, a complaint can be filed with the Federal Trade Commission.Learn more about Banks
Most banks enable customers to make check and cash deposits at an ATM. Banks use a deposit image ATM, which is a special type of ATM that's been designed to read currency from the U.S. Treasury Department. These ATMs will scan the cash for authenticity, and then accept it upon verification.Full Answer >
The time it takes a deposited check to clear depends on the policies of the particular bank an individual is using. Each bank operates by its own rules, although some have similar policies.Full Answer >
A counter check is bank-provided check that takes the place of a personal check. Banks only issue counter checks to active account holders.Full Answer >
A manager's check is a secure check that a bank issues for an individual who has purchased it. All parties involved in a transaction benefit from the use of a manager's check.Full Answer >