Can you tell me more about the College Saver savings bonds and who is eligible for the tax breaks they carry? This means that a tenant may legally postdate a check to you and that you may even be able to cash it when you receive it, but if the bank has been notified of the postdating you will have to wait until the date listed on the check instrument before you may receive the funds. Share on Facebook You postdate a check by writing a future date on it. But recipients should also check state law. Also, debt collectors cannot threaten someone with cashing postdated checks early. In addition, bonds sold after May 1 no longer carry a guaranteed minimum interest rate. Law on Postdated Checks The Uniform Commercial Code states that a bank may honor a postdated check provided the check is otherwise safe to cash and the account owner has not provided the bank with "reasonable notice of the postdating. I was given a check in mid-March that had an April 1 date on it. A woman writing a check. For example, it prohibits debt collectors from accepting checks postdated more than five days away, unless the debt collector has notified the check writer in writing it will do so. A postdated check does show the tenant's will to pay, and if the funds are in the account on the date the check is cashed the landlord will receive the money. Risks for the Landlord As a landlord, collecting a check that has been postdated could be dangerous. Unless you are percent sure that the tenant can be trusted and that there will be funds to cover the check when it is ready to be cashed, it may not be a good idea to accept a postdated check. The bonds are already free of state taxes for all purchasers.
Most state laws say that if you notified your bank about a post-dated check in writing a reasonable time before it receives the check, your bank is legally required to honor your request for six months or the bank will be liable for your fees. State and federal laws cover the cashing and depositing of postdated checks, and laws vary from state to state. Other states, like West Virginia, place responsibility on the person the check is written to. But recipients should also check state law. With an oral notice, your request is good for only 14 days. The bonds are already free of state taxes for all purchasers. For example, it prohibits debt collectors from accepting checks postdated more than five days away, unless the debt collector has notified the check writer in writing it will do so. I was given a check in mid-March that had an April 1 date on it. I am concerned that they are not as attractive as they once were. In West Virginia, for example, the law prohibits someone from requesting or accepting a postdated check if he intends to deposit or cash it before the check's date. State Laws for Honest Postdating If you want to write a postdated check just hoping it won't be cashed before a certain date, check your state's law first. It's not illegal to postdate a check, unless you're attempting to commit fraud. The bank offers its customers the ability to purchase a "postdating order" under which the bank will delay payment on a postdated check. In addition, bonds sold after May 1 no longer carry a guaranteed minimum interest rate. California's Bad Check Laws While it may be a crime for a tenant to write a check when there are insufficient funds in his account to cover the check, California's worthless check laws may not cover a landlord if a postdated check was accepted. Law on Postdated Checks The Uniform Commercial Code states that a bank may honor a postdated check provided the check is otherwise safe to cash and the account owner has not provided the bank with "reasonable notice of the postdating. Video of the Day Recipient Rights and Responsibilities Check recipients can either decide to accept or not accept a post-dated check. Even if you write on the check that it is "void until" a certain date in the future, your instructions will not be honored by B of A without a postdating order. Although I know I am permitted to make the transfer, I am concerned about the requirements governing the reporting of this move. A postdated check does show the tenant's will to pay, and if the funds are in the account on the date the check is cashed the landlord will receive the money. A recipient can also check with her bank to see if it will cash it before the check's date, which the bank should not do if the writer has requested it doesn't. 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. Under a stop-payment order, the check is essentially voided for all future payment. According to California's bad check law, writing a check with the intent to commit fraud or knowingly writing a check when there are insufficient funds to cover the full amount of the check are both illegal. I participate in a b plan and want to transfer my account to another annuity not included on my employer's list of approved funds. When they were introduced several years ago, the bonds were immediately hailed as a great deal for upper-middle-class taxpayers because the income ceilings were, relatively speaking, quite high. Share on Facebook You postdate a check by writing a future date on it.
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