The checks usually aren't cashed until the first of the month and they clear my account on the second or third. Key and my landlord both said, "Too bad," and said postdating checks is illegal, anyway. There are no Federal Reserve regulations, which cover banking, that govern the payment of post-dated checks, said spokeswoman Anne Di Teodoro. The bank can cash it unless it believes the check won't clear or is fraudulent.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 his or her bank to correct the error.In the United States and the UK, post-dated cheques are negotiable instruments and can be drawn upon at any time, while in India post-dated cheques are not payable until the date written on the cheque.The Answer: My first question for you: Why do you want to close it so badly?I can tell you generically that closing this account will not help your score.Ask first: What’s more, a postdated check might not be an acceptable form of payment.You’re allowed to to pay with a postdated check, and businesses are allowed to reject those payments because you haven’t really made a free-and-clear payment.
It is illegal to write a check when you know you don’t have the funds to cover it, but things get a little fuzzy – and details depend on state law – when you postdate a check (assuming it is accepted as payment).A postdated check offers the promise of controlling the uncontrollable: As time marches forward, you may wonder what the date on a check really does.Whether you received a postdated check or you’re thinking of writing one, it’s important to know how they work — and that they often don’t work the way you might expect. People usually postdate checks when they want the recipient (the person or business receiving the payment, also known as the payee) to wait before depositing the check. That’s why our helpful tools, researched advice and expert recommendations are totally free. Our award-winning editorial staff is serious about following our editorial guidelines to ensure editorial integrity. We believe that everyone should be able to tackle financial decisions with confidence. But, the results of our tools (like our credit card comparison tool) and editorial reviews are based on quantitative and qualitative assessments of product features — nothing else.