Rules post dating bank checks


leginfo.gov' A bank is not obligated to pay a check that is presented more than six months after its date of issue, but may do so if it wishes.

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It is not illegal to write a post dated check nor to give it out as long as there is no illegal intent.

[Table of Contents] [Previous Page] [Next Page] [Search] Inclusion of Preissued, Postdated Cashier's Checks in FDIC Deposit Assessment FDIC-87-58 December 4, 1987 Richard T.

Furthermore, your memorandum states that issued official checks meet the definition of "deposit". Therefore, you state that the *** exception was taken because deposits posted to the institution's general ledger are assessable. *** POSITION *** takes the position that its preissued, postdated cashier's checks are not assessable deposits. ยง 3-510, Official Comment 2 ("the following reasons for refusal are not evidence of dishonor, but of justifiable refusal to pay or accept: . Finally, a preissued, postdated cashier's check is not a "money order". In summary, the only definition of "deposit" relevant to *** preissued, postdated cashier's checks is found at subsection 3 ()(4).

Furthermore, *** states that its accounting practices merely provide a means for keeping track of these pension checks. A money order does not need to be presented to its original place of purchase in order to be honored. Because they are not payable on demand, postdated cashier's checks are not actually checks until the due date.

In light of *** protest of this assessment, you asked whether or not preissued, postdated cashier's checks are assessable where they are posted to the bank's general ledger on the release date. THE FDIC's POSITION The FDIC's argument essentially is that these preissued, postdated cashier's checks are deposits, and they consequently are assessable. In addition, the payees of *** postdated cashier's checks are on notice that the instruments are not negotiable until the due date. Furthermore, and unlike a preissued, postdated cashier's check, a money order is an effective obligation without restriction on the payment date.