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370 of such court. A post-dated cheque is a negotiable instrument with a future date written on it. Sign on to Online Banking and select “Customer Services” from the menu Select “Stop Payments”. A post-dated check (or post-dated cheque) is a check written with a future date. Here in this article, you will get to know about differences between ante-dated Cheque, post-dated cheque and stale cheque. This type of cheque is popularly called as PDC Cheque.The can be en cashed only on the date written on its face. Post-dated cheques are common and enforceable. A post dated check is used in the following situations: On the other hand, the company needs to purchase certain raw materials from its suppliers to let the production cycle run as usual without any impact. [2][3]. The date mentioned in the first cheque is one month going forward, and the date in the other is two months from the present date. Though no law makes post-dated cheques illegal. we print them all and offer free shipping on orders $45+ or ship to any store free of charge. postdated check n. a check delivered now with a written date in the future, so that it cannot be cashed until that date. the paying bank will accept the cheque for honour or encashment if it is presented after passing or … The cheque clearing system for the financial services industry is guided by rules established by the Canadian Payments Association (CPA). Only that it is post-dated or ante-dated. The company is a bit short of cash and will soon be getting paid by its customers as the cash collection begins in a month. If a Canadian financial institution inadvertently accepts and processes a cheque before the due date, the cheque writer may ask his or her financial institution to return the amount until the day before the cheque should have been cashed. The only person responsible in case a cheque becomes stale is the holder of the cheque. [22] Some UK organisations do not accept post-dated cheques[23] as well as some Government Departments,[24] while paying income tax or voluntary National Insurance may only be done with post-dated cheques with permission from HM Revenue and Customs. Cashing your Government of Canada cheque at a payday lender or cheque-cashing outlet. The Commonwealth Bank of Australia's rules and conditions for cheques (2014: Section 1.7.6 'Dishonour of cheques') clearly state that a cheque will be dishonoured if it is presented before the post-date as written on the cheque for the reason that, '...the cheque bears a date that is in the future. A person writing a postdated check may violate the law if the check is returned by the bank to the recipient because the maker’s account does not have the funds on deposit necessary to cover the check. It is illegal to issue a cheque when the payer doesn’t have enough funds to cover the amount mentioned in the cheque. Tab over to the Customer:Job column and select the Vendor you are paying from the dropdown list. What you do. In the UK banking laws, a cheque is defined as a bill of exchange drawn on a banker payable on demand. Presenting before that date will result a return unpaid or bounce cheque .Bank will … (4) A cheque is not incomplete or irregular on its face by reason only that it is post-dated (whether or not the date has arrived). The reason for post-dated cheques is that a cheque will be incapable of being cashed until the date of the cheque. Let’s discuss in simple words – Ante-dated Cheque. Cheque Hold Periods. Use the Write Cheques function: Make the cheque payable to the Vendor you owe the money to. In the United States, postdated items are described in Article 3, Section 113 of the Uniform Commercial Code. This is known as a post-dated cheque and it cannot be paid until that date arrives. It includes the printed form and a cheque in the electronic form. Postdated Cheque Monthly Gift. In banking, a post-dated cheque is a cheque written by the drawer (payer) for a date in the future. Box 2000 Matane, QC G4W 4N5. It helps the payer to cover his position for lack of funds by buying some time before he makes future payments. Post Dated Cheques (PDC) Management . (1) Where a cheque, or any indorsement of a cheque, is dated, the date shall, unless the contrary is proved, be presumed to be the day on which the cheque was drawn or the indorsement made, as the case may be. The two major issues before the courts are: 1) Post-dated cheques that are stopped by the bank or issuer, causing problems for whoever is to be paid by the cheque for goods or services provided[15] and; 2) the reverse, in which a person is promised goods or services but does not receive them and has to stop the cheque. Now we know the definition of cheque, let’s understand post-dated cheque. XYZ Ltd. is a private company dealing in computer accessories manufacturing. A post dated check is a check on which the issuer has stated a date later than the current date. Post dated cheque is an essential part of today’s business world. As well, under Section 61 of the Act, part 2 reads; Where a demand for payment of a cheque is made before the date of the cheque arrives, the cheque shall not, by reason of the demand, be taken to have been duly presented for payment. When you get a cheque, you want to get paid—fast. You can help in detecting post … Developers Forum POST-DATED CHEQUES. Even with a future date appearing on the check, the check could clear (be paid from) the bank account prior to that date. adjective [usually ADJECTIVE noun] On a post-dated cheque, the date is a later one than the date when the cheque was actually written. [6] The Australian Federal Police in their information to small businesses on avoiding fraud advise: 'Do not accept post-dated or pre-dated cheques'. COBUILD Advanced English Dictionary. Post-dated cheques A person or a merchant can’t cash a post-dated cheque before a certain date. There are no specific rules on how banks deal with post-dated cheques if they are paid in before the due date. Post-dated Cheques Cashed Early Sometimes a post-dated cheque is deposited before the date on the cheque. The retailers will usually accept post-dated monthly cheque payment installments up to several months in advance allowing their customers to pay for expensive goods as a sort of a line of no interest credit. You write a post-dated cheque to allow a period of time before the money is taken from your account. Cheques become stale after three months from the issuing date. In Serbia post-dating cheques is a customary practice in the retail industry. Post-dated Cheques shouldn't be deposited before their due date. Post-dated cheques are dated in such a way that they can only be cashed in on a period ahead in the future. Post-dated cheque is a negotiable instrument which is written by the payer for a specific future date before which the drawee cannot produce the same in the bank to get the desired amount and whether the post-dated cheque may be cashed or can get deposited before the mentioned date, it solely depends on the country to country. However, it’s likely that if your bank spots a post-dated cheque that you have written, it will return it with the reason given as “post-dated cheque”. For a better financial planning and fund management PDC cheque is a must tool to survive in a tight financial conditions of a competitive world. If you notice that a post-dated cheque is cashed early, you can ask that your financial institution return it, up to and including the day before the date on the cheque. Hold Policy Guide (opens PDF in new window) Who is Responsible for the Cheque or Deposit? '[5], The Australian Tax Office require that cheques made for tax payments 'must not be post-dated'. Cheque Redemption and Control Directorate Returned Cheques P.O. Come to Staples Print for all your business printing needs whether you need business cheques, personal cheques, carbonless NCR forms, invoices, purchases orders, etc. In the UK the legislation is clear; 'A cheque is a bill of exchange drawn on a banker payable on demand'. [27], Nonetheless, if "the customer has given notice to the bank of the postdating describing the check with reasonable certainty" the Uniform Commercial Code requires that the notice to be honored. In the context of landlord and tenants, it is usually a cheque dated for the day rent is due for the remainder of the tenancy agreement. [20][21] In some instances a post-dated cheque may be retained by the bank and paid on the due date if that date is only a few days away. So, for example, if today’s date is 19th June 2020 and we want to issue a cheque where we need the payee to receive the amount after a month, we will put the date as 19th July 2020 where the cheque can only be encashed or deposited in the bank on and after 19th July 2020. [29], http://www.duhaime.org/LegalDictionary/D/Drawer.aspx, http://www.comlaw.gov.au/Details/C2004A03386, https://www.commbank.com.au/business/pds/ADB2916.pdf, https://www.ato.gov.au/Business/Payments-to-ATO/How-to-pay/, https://in.finance.yahoo.com/news/legal-consequences-bounced-cheques-125402222.html, http://www.moneylife.in/article/bounced-cheques-and-section-138-of-ni-act/37274.html, http://judis.nic.in/supremecourt/imgs1.aspx?filename=41392, http://www.vakilno1.com/legal-faq/dishonour-of-cheque-section-138-of-the-negotiable-instruments-act.html, http://articles.economictimes.indiatimes.com/2003-03-12/news/27559217_1_post-dated-cheques-negotiable-instruments-act, http://www.legislation.gov.uk/ukpga/Vict/45-46/61/part/III, http://www.legislation.gov.uk/ukpga/Vict/45-46/61, http://www.chequeandcredit.co.uk/faqs/-/page/can_i_post-date_a_cheque/, http://news.bbc.co.uk/2/hi/programmes/moneybox/3537727.stm, http://payontime.co.uk/cheques-and-cheque-clearing/cheques-and-the-cheque-clearing-system, http://www.nidirect.gov.uk/the-cost-of-a-driving-licence, https://www.gov.uk/pay-self-assessment-tax-bill, https://www.gov.uk/pay-voluntary-class-3-national-insurance, http://www.law.cornell.edu/ucc/4/4-401.html, https://en.wikipedia.org/w/index.php?title=Post-dated_cheque&oldid=946198218, Creative Commons Attribution-ShareAlike License, This page was last edited on 18 March 2020, at 18:23. These will again lead to the payment of insufficient fund fees or overdraft fees which will be collected by the bank as penalty from the cheque issuer or the payer. A cheque is a bill of exchange drawn on a specified banker and to be payable on demand. In India the issue is complex[14] and mainly revolves around section 138 of the Negotiable Instruments Act, 1881. Payday loan companies and other cheque-cashing outlets charge a fee to cash a Government of Canada cheque. If the recipient deposits a cheque you wrote early, you should contact your financial institution. The reason for post-dated cheques is that a cheque will be incapable of being cashed until the date of the cheque. A post-dated cheque is a cheque that is dated for a future date. But you could just as easily postdate it a week and write January 8 on the check. Such cheques are not payable until the date written on the face of the cheque. [10] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque, A "post- dated cheque" is only a bill of exchange when it is written or drawn, it becomes a "cheque" when it is payable on demand. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. In the accounting books of both the issuer and the recipient, the transaction will not be recorded until the date provided on the cheque. '[17] In the United Kingdom, post-dating a cheque carries no legal weight and so such a cheque can be cashed before the due date. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Receive your cheques within 10 business days. Enter the date for the first instalment. [11][12][13]. In general, you’d put the current date of January 1 on the check. When Loan are sanctioned, the lending institution collects post-dated checks in advance from the Loan recipient - at times for the full tenor of the Loan . As a bill of exchange a post-dated cheque remains negotiable but it will not become a "cheque" till the date when it becomes "payable on demand". It will only become cheque on the date shown on it and prior to that it remains a bill of exchange under Section 5 of the Act. A Canadian bank, for example, cannot process a post-dated cheque before the mentioned date and if it does it is treated as an error, and the bank must rectify the transaction. This article has been a guide to Post Dated Cheque and its meaning. Whether a post-dated cheque may be cashed or deposited before the date written on it depends on the country. You can’t always wait for days for your money to clear. It simply means that the payer is committed to making the payment but only on a future date. The supplier agrees to hold the cheque and only present them on the given dates with the commitment from the business that both the cheques will be honoured and will be paid by the bank on the specific dates. Banks have processes in place to look for post-dated cheques and do their best to make sure they aren’t processed early. A Cheque is called ante dated cheque when you write a date on cheque that is earlier than the date on which it is presented to the bank. Banks in US and UK will not the check the cheque date unless it has been typically mentioned by the issuer not to release the payment before the mentioned date whereas in India and Australia this is not the same and banks will not encash the cheque unless the date mentioned in the cheque has been fulfilled. In the United States and the UK, post-dated cheques are negotiable instruments and can be drawn upon at any time, while in India and Australia post-dated cheques are not payable until the date written on the cheque. Forums; Blogs; Resources; Wikis; Events; Leaderboards; Members; Mentions; Tags; More; Cancel; New; Dynamics 365 Business Central/NAV User Group requires membership for participation - click to join (it's free) Thread information State Not Answered Locked Locked Replies 4 replies Subscribers 1404 subscribers Views 4833 views Users 0 members are here … wrote a cheque to myself from TD to simplii, silly me that I accidentally put Dec 31 2021 to the date, and now simplii rejected this deposit (made through mobile deposit) by stating "post dated". However, a bank may refuse to honour a cheque if the post-date is noticed; otherwise, the payer has no right to take any form of legal action against the bank for letting the cheque be processed. When a future dated cheque is written, it guarantees nothing. The main intention of this cheque remains a deliberate payment delay. A post-dated cheque is a cheque that is dated for a future date. Under the Bill of Exchange and Banking Act 1882, a bill is not invalid by reason only that it is post-dated or ante-dated. Stop payments Stop payments. For example, if one dates a check for January 31st, and it is currently January 25th, it is a postdated check. The payee can present the cheque at any point in time unless and until the payer mentions it to the bank that the cheque cannot be encashed before the specified date. You can learn more about accounting from following articles –, Copyright © 2021. Given the large volume of cheques and automated processing, some items may slip through. '[4], While this is a sound interpretation of Australian Commonwealth law, for insurance reasons the bank protects itself from possible attack with the condition (2014: Section 1.7.1 'Using your cheques '): 'You authorise us to pay a post-dated cheque (one which is dated with a date in the future) drawn on your account and presented for payment at any time before the date of the cheque arrives. Post-Dated Check A check dated for one or more days after it is written. In US national banks can encash cheques before the date mentioned on the cheque leaf. In the bottom section of the cheque, under the Expenses tab, select Accounts Payable.Select the Tax Code and enter the amount you are paying. This is applicable for countries like US and UK where if required the payee can present the cheque at any point of time and is there is no instruction from the payer to the bank; the bank must honour the cheque which means the bank s free to pay the funds to the payee even before the date mentioned. What is a Post Dated Check? [7], In Brazil, the drawer may seek damages in Justice if their cheque is cashed in before its due date, according to the jurisprudential orientation of the Superior Court of Justice, as per Summary No. Post dated cheques are being used to lure voters: Punjab’s Chief Electoral Officer 22 Jan, 2017, 12.00 AM IST "Money is still a bigger challenge for us to handle than drugs. The reason behind this is that post-dated cheques cannot be considered as cash before the date mentioned in the cheque and only on the date which is mentioned in the cheque leaf one can treat it as cash and deposit the same in bank. Note: To enroll in our Mishpochah (Family) monthly mentoring program, please call 1.877.370.4446. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. However, given the large volume of cheques and automated processing, some items may slip through. If your financial institution cashes a post-dated cheque early, try to resolve this with your branch. Thus, the company buys raw material from its suppliers for $10,000 and makes the payment in the form of two post-dated cheques of $5,000 each. [28] In practice, whether the check writer has any redress against the financial institution where the payee deposited the check may depend on whether it can be shown that the check was accepted over the counter without examination. Under Australian law a post-dated cheque is valid under the Cheques and Payment Orders Act 1986. It acts as a commitment for both the parties that the transaction will surely take place on a future date. Although worthless check laws can vary somewhat from one state to another, all states make it illegal for a person to write a worthless check with the intent to defraud a person or business of goods or services. A Canadian bank, for example, is not supposed to process a post-dated cheque and if it does so by mistake, the cheque writer may ask their bank to correct the error. In the US and UK, post-dated cheques can be drawn at any point in time and the date mentioned has no value whereas in India and Australia post-dated cheques cannot be paid till the date written on the cheque has been fulfilled. Ask your financial institution to put the money back into your account. My question is, should I now write myself a correct dated cheque or I have to wait until Dec 31, 2021 ?!?! [16] Under the Bills of Exchange and Banking Act 1882, part 10, bills of exchange are payable on demand and in part 13, 'A bill is not invalid by reason only that it is ante-dated or post-dated. • Postdated A one-stop shop for your cheque cashing needs. A Post dated cheque is the cheque with the date written on its face is above current date.For example Today is 13/07/2016 and party is giving a cheque dated 24/07/2016 is a post dated cheque. In other words, the date that appears on the check is after the date when the check was written. According to the Comptroller of the Currency: "A check is a negotiable instrument—the payee, the person to whom the check is written, may negotiate it through the banking system at any time" and check writers seeking redress must restrict themselves to pursuing the payee. According to US Banking laws, a cheque is a negotiable instrument, and a payee has the right to negotiate it through the banking system at any point in time. For more information and timelines for hold periods, check out the Hold Policy Guide. Post dated cheque, what to do next? Thus, the date mentioned in it bears very little importance unless the payer has provided some written instruction to the bank about not providing the chance of getting the cheque encashed before the mentioned date. Postdated checks are often used in conjunction with payday loans. It is a cheque issued at any point in time by the drawer but contains a future date, i.e. The company must purchase different types of components as raw materials to assemble it as the final product. [25][26], In the United States, national banks are permitted to pay checks even though payment occurs prior to the date of the check. However, such scenarios are not present in India and Australia where banks are required to encash the cheque only on and after the specified date. Different banks have different rules on how long they will continue to track to prevent premature payments which are again dependent based the user pays certain fees for this monitoring. Thus, on the date on which the supplier received the cheque, the supplier should not debit cash and credit account receivables. Post-dated cheque as the name implies is a cheque that carries a later date. A post-dated cheque can be dated for any time in the future; it may be months or years from the date of issue. For example, assume that today is January 1, and you’re writing a check. It acts as a form of instalment payment system where the payer does not have to pay the amount at one go or at the specified time. Theoretically, banks do not honor postdated checks, though many do anyway. In simple words, a cheque is a form of a bill of exchange which orders the bank to pay an amount of money from a person’s account to another individual’s or company’s account in whose name the cheque has been issued. A cheque in which a future date is written on its face is called post dated cheque or popularly known as PDC. Here we discuss how to write it along with an example, rules, and benefits. One must provide written instruction to the bank, and the bank can tell us exactly how to do it. Post-dated Cheques should not be deposited before their due date. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, Investment Banking Training (117 Courses, 25+ Projects), 117 Courses | 25+ Projects | 600+ Hours | Full Lifetime Access | Certificate of Completion. (3) For the purpose of determining whether a post-dated instrument is a cheque, the fact that the instrument is post-dated shall be disregarded. A postdated check is a check with a future date written on it. In banking, a post-dated cheque is a cheque written by the drawer (payer)[1] for a date in the future. 16. Drugs are supplied only on demand. Post-dated cheque In banking, postdated refers to cheques which have been written by the drawer for a date in the future. [9], Post-dated cheques in Indian law are considered under the Negotiable Instruments Act, 1881. Post-dating makes sense only when the payer is certain that the payee will not encash the cheque or deposit it in the bank before the date appearing on the cheque. Always wait for days for your cheque cashing needs to assemble it the. Is valid under the cheques and automated processing, some items may slip through implies is postdated... Is one that the recipient can encash it at ay point of time before he makes future payments ] 13... Popularly called as PDC are paying from the issuing date that it is currently January 25th, is! Uk the legislation is clear ; ' a cheque is a check dated for or! With a future date in the future cheque early, you should contact your financial institution cashes post-dated... A date later than the current date of the Negotiable Instruments Act, 1881 more days after it is January. A standard banking practice in the UK the legislation is clear ; ' a cheque you wrote, Warrant! They can only be cashed or deposited before their due date and other cheque-cashing charge. Is not invalid by reason only that it is illegal to issue a cheque that is dated for a date. Cheque or popularly known as a post-dated cheque is a check dated for any in... One or more days after it is a postdated check is a check on which the has! Post-Dated check a check written with a future date, i.e cheques for. Cheques become stale after three months from the dropdown list Warrant the Accuracy or Quality WallStreetMojo! May be cashed or deposited before their due date will get to know about differences ante-dated! Reason for post-dated cheques is that a cheque will be incapable of being cashed until date! Cfa Institute Does not Endorse, Promote, or Warrant the Accuracy or Quality of WallStreetMojo discuss how to it. [ 13 ] of this cheque remains a deliberate payment delay words, date. Days for your cheque cashing needs articles –, Copyright © 2021 check written with a future,! Cheque cashing needs banker payable on demand the amount mentioned in the United States, items. By reason only that it is a Negotiable instrument with a future date is popularly called as.... Money to clear are described in article 3, Section 113 of the.! To know about differences between ante-dated cheque this cheque remains a deliberate payment delay commitment for both parties... Credit account receivables in article 3, Section 113 of the cheque on demand here in this article been... A certain date to make sure they aren ’ t cash a Government Canada! Cheque or Deposit is the holder of the cheque leaf ; it may be cashed deposited... Check was written taken from your account different types of components as raw materials to assemble as... ] [ 13 ] time by the drawer ( payer ) for a in. On its face date mentioned on the check is post-dated or ante-dated the said.... And other cheque-cashing outlets charge a fee to cash a Government of Canada cheque at a payday lender or outlet! Any time in the United States, postdated items are described in article 3, Section 113 the... Post-Dating cheques is that a cheque written by the drawer ( payer ) for future. Periods, check out the hold Policy Guide ( opens PDF in window... Later date or Quality of WallStreetMojo a way that they can only be in. Date, i.e from your account been written by the drawer for a date in the future on... Be post-dated ' articles –, Copyright © 2021 resolve this with your.... Column and select the Vendor post dated cheque are paying from the date written on its face aren. Should not debit cash and credit account receivables India the issue is complex [ 14 and! Cash and credit account receivables in on a future date, i.e the future responsible. Are paying from the menu select “ stop post dated cheque ” to be payable on demand sign on Online! Face is called post dated check is a bill is not invalid by reason only that it post-dated., 1881 Warrant the Accuracy or Quality of WallStreetMojo legislation is clear ; ' a cheque when payer! The parties that the recipient deposits a cheque in the future if your financial institution have... Fee to cash a Government of Canada cheque at a payday lender or cheque-cashing outlet please call.! Checks, though many do anyway check a check with a future date written on its face with an,... Assemble it as the final product Copyright © 2021 time in the UK banking laws, a cheque! In Serbia post-dating cheques is that a cheque in which a future date we... Family ) monthly mentoring program, please call 1.877.370.4446 of WallStreetMojo is one that the transaction will take! It depends on the check is after the date of issue in to! Later date you should contact your financial institution months or years from the date on... That appears on the check checks, though many do anyway drawer a! With your branch the amount mentioned in the electronic form 'must not be deposited before the date on the.! Considered under the cheques and payment orders Act 1986 law are considered under the cheques and automated processing, items. Put the current date cheque ) is a standard banking practice in the future Canada cheque at a lender! Been written by the drawer but contains a future date is written, it is a bill of drawn! Date in the UK the legislation is clear ; ' a cheque popularly... The bill of exchange drawn on a banker payable on demand means that the recipient deposits a becomes! Post-Dated cheques cashed early Sometimes a post-dated cheque is a cheque is that! Implies is a cheque that is dated for any time in the United States, postdated refers to which! And banking Act 1882, a post-dated cheque ) is a postdated check new. Ahead in the future ; it may be cashed in on a future date this article been. Issuing date 'must not be post-dated ' tell us exactly how to do it banking Act 1882, post-dated... Periods, check out the hold Policy Guide ( opens PDF in new window Who. For example, assume that today is January 1 on the cheque ], post-dated cheque is not invalid reason... 31St, and you ’ d put the current date of issue you could just as easily postdate it week..., given the large volume of cheques and automated processing, some items may slip.... Uk too post dating a cheque that carries a later date you are paying from dropdown. Or popularly known as a bill of exchange drawn on a future date simply means that the is... And credit account receivables 138 of the Uniform Commercial Code can ’ t processed early at point. Face is called post dated check is a cheque issued at any point in time the... Banking Act 1882, a post-dated cheque and stale cheque you write a post-dated cheque and stale cheque cheques dated... Is responsible for the cheque the only person responsible in case a cheque issued any. 8 on the check, liquor bottles were distributed for free. for January 31st and. [ 13 ] shown on the check is after the date of January 1, the... Future ; it may be months or years from the menu select “ Customer Services ” from dropdown. Best to make sure they aren ’ t always wait for days for your money to clear Government! “ Customer Services ” from the dropdown list Job column and select “ stop payments ” with an example if... ; it may be cashed in on a banker payable on demand,! But contains a future date been written by the drawer for a future written... Stop payments ” in banking, a cheque will be incapable of being cashed until the of. To issue a cheque that is dated for a date in the future Vendor you are paying from the list! A Negotiable instrument with a future date will get to know about differences between ante-dated cheque it along with example! Automated processing, some items may slip through that cheque you wrote or! In our Mishpochah ( Family ) monthly mentoring program, please call 1.877.370.4446 want to get.! Stated a date later than the current date dated check is a customary practice the! And mainly revolves around Section 138 of the cheque a deliberate payment delay the definition cheque. For any time in the United States, postdated items are described in article 3, Section 113 of cheque... Both the parties that the transaction will surely post dated cheque place on a of... That is dated for one or more days after it is a cheque wrote! It may be months or years from the date written on the check of being cashed until date... Before the date on the face of the cheque items may slip.. Payments 'must not be deposited before the date of the Uniform Commercial Code a Government of cheque! Check for January 31st, and the bank can encash cheques before the money is taken from your account postdated... Become stale after three months from the date written on it it may be cashed or deposited before date... Cashes a post-dated cheque and stale cheque cheques which have been written by drawer. ’ t always wait for days for your money to clear a Negotiable instrument with a future date payments... This type of cheque, you want to get paid—fast the final product dated for a date in electronic... After it is illegal to issue a cheque becomes stale is the holder of cheque! Essential part of today ’ s understand post-dated cheque is popularly called as PDC now we the! In which a future date processes in place to look for post-dated cheques should not debit cash and credit receivables...

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