Wednesday, November 04, 2009
Just Learned Important Banking Law I Never Knew
Post-dated checks are only suggestions, not commands. A check is valid once it is signed, regardless of the date so long as 90 days from the date has not passed. The post-dated check my bank cashed a week early was completely within their right and it seems it was actually MY error for not telling them not to cash it early. Basically, it is not my bank that has screwed me, but my homeowner's association. I can't trust anyone anymore.
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2 comments:
YIKES!
This actually worked for me when I purchased new tires for my car - paid half in cash and the other with a postdated check - for a week or so later - several months passed and the guy STILL hadn't cashed it! Guess it could have easily happened the other way around.
When my daughter was one she visited my cousin in California. He wrote her a million dollar check for fun. Now 14 years later he's got enough money to cover that check. Too bad there's that 90 day rule...
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