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What is a post-dated check!!

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im buying a car soon and i have to put down a down payment however i dont have the cash now i have to wait till my next payday and the dealer was telling me that i could write a post dated check!!!! Any advise!




stargzr
Posts: 268
Credits: 2782.75

Sub: #1 A post dated check is when you write a check but date it for the
Thu, 02/21/2008 - 21:31

A post dated check is when you write a check but date it for the day you want it to cash. So what he wanted you to do is write a check and date it for the date you get paid. I really dont know what advice to give you. If you are sure that the amount you write on the check will be available in your bank account on your payday then probably isnt a big deal.




socksfullofrocks
Posts: 498
Credits: 172.85

Sub: #2 my comments on my experience on this subject only here.... a
Thu, 02/21/2008 - 23:05

my comments on my experience on this subject only here....

a post dated check is something a commissioned paid salesperson will try to get you to commit to if you are walking out the door..because ...if you do a post dated check or a "sales quote" you will be more inclined to return and make good on the deal....thinking you made an agreement..
a post dated check is an agreement to buy merchandise on date posted on check..if you change your mind prior to date you posted on check..you simply changed your mind...and are not obligated in any way shape or form....
when I turn in bad checks to DA in my state...first question is "Did you agree to accept a post-dated check?"--(meaning all agreements are out the window if customer changed his mind)----
I never accept a post dated check to hold anything--either you want the merchandise or you don't--if you need to think about it--come back on date you wanted to post date check for--let's leave it available for consumers who may come along and be sure about wanting to purchase..if it is available when you come back on date you wanted to post date it for--I will be more than happy to sell it to you!
it's kind of same as when consumer says "Can I give you a deposit to hold this in case I want it... while I go and look around elsewhere?" Why would any retailer accept this type of offer? maybe some do..(because I hear that statement at least 20 times a week)..our policy on holding anything..$100 deposit absolutely non-refundable..if you want me to hold it..commit to actually making the purchase....if not the deposit means nothing at all...just my take on post- dated checks and deposits on the maybe deals :D




Morningstar
Debt Samaritan
Posts: 1634
Credits: 12478.05

Sub: #3 It is not unheard of for a car dealership to deposit the check r
Fri, 02/22/2008 - 00:27

It is not unheard of for a car dealership to deposit the check right away, it may be a bad business practice, but not illegal. In most states, post dated checks are valid as soon as you sign (except when dealing with collection agencies).




2nband

Posts: 2282
Credits: 46918.776020618

Sub: #4 If the salesman agrees to the post dated check and says he will
Fri, 02/22/2008 - 05:00

If the salesman agrees to the post dated check and says he will hold it until your payday, get it in writing. That way if it gets depostited early, you have got proof that the sales man agreed to holding the check, which could result in someproblems for him at the sales lot, I am sure.




socksfullofrocks
Posts: 498
Credits: 172.85

Sub: #5 morning do you mean they are valid starting on the date you post
Fri, 02/22/2008 - 08:58

morning do you mean they are valid starting on the date you postdated them for?..(or for example if today is
Feb 22nd and someone postdated for Feb 25th..that you can go to bank and cash it today?) I always thought they were valid beginning on date written..but perhaps my state is different with buyer's remorse issues




Frogpatch


Posts: 5385
Credits: 65249.205519088

Sub: #6 Be careful as the law regards a post dated check as a promissory
Fri, 02/22/2008 - 09:08

Be careful as the law regards a post dated check as a promissory note at least where I come from. It can not be legally stopped after the cooling off period of a contract.




swedishgirl
Posts: 326
Credits: 3632.35

Sub: #7 Be very careful if you wrote a post dated check. If they deposit
Fri, 02/22/2008 - 10:34

Be very careful if you wrote a post dated check. If they deposit it before the date you wrote it, and their bank's teller or processor does not notice it is postdated, your bank can still process the check before the date you wrote on the check. Ask your bank for a copy of their rules and regulations booklet. It's in that bunch of info they would have given you when you opened your account (that nobody ever bothers to read). In there will be a section about post dated checks and stale dated checks. It basically releases the bank from any liability if you write a post dated check and it clears your account before the date you wrote on it. Also, many large companies will have a stack of checks they bring in to deposit, and the teller will do a batch check deposit. That's where they don't run every check through their terminal at that time. It's done in back-office where the person will probably not be checking every item they run. Another thing...since it's close o the end of the month, I bet the sales person is just wanting you to do that so he/she can make a goal or get incentive for that sale before the end of the month. Hmm....I'd say, wait until you HAVE the money then go back and write them a check.




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #8 I personally would not write a post dated check for any reason,
Fri, 02/22/2008 - 11:21

I personally would not write a post dated check for any reason, but that's just me. A number of things could happen between the time frame you write that check and the time it's dated to be cashed.




lmk3524
Posts: 435
Credits: 4743.95

Sub: #9 I had a situation happen to me at my dentists office with a post
Fri, 02/22/2008 - 12:11

I had a situation happen to me at my dentists office with a post dated check. The receptionist didn't write a note on it like she was supposed to & it was deposited right away. I called the bank (Wells Fargo :twisted: ) and asked them why they allowed the post dated check to go through. The explination that I received was "if a check is presented we do not look at the date...it is cashed or deposited." I called the dentists office & gave them a piece of my mind then found a new dentist.




cannr

Posts: 9317
Credits: 129842.7

Sub: #10 r
Fri, 02/22/2008 - 18:39

Agreed. When writing a post dated check, they can still deposit it before the date you wrote on it. This has been addressed before. And, as you can see, some of us have experienced it. Like 2nband posted, see if you can get it in writing that they will actually hold the check. If you're just going to hand them a post dated check, they can run to the bank and deposit it before the date you want them to. Just be very careful if you're considering doing this.




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