I got a birthday check in the mail (yeah I still get those believe it or not), and went to cash it. Nope... it was marked for my birthday 8/21 (I received it 2 weeks early) no biggie. I can wait. but it got me thinking... on my lease option deals I usually like to send in the mortgage payments mid month for the next months due date (usually 1st of the month it's due) but it sucks because my rent payments don't clear until a few days after the 1st so I have about a week gap where money goes out and then money comes in.
This got me thinking, if I post date the check for the due date instead of the day I write the check it possibly won't clear until around the same time my rent payments come in. If it always clears after my rent payments that'd be awesome, but it might be too close to see if it makes any difference.
Does anyone else do this? Has it made a difference for your cash flow / reserves?
Check your state laws. Many states put the responsibility of the check writer to ensure there are funds available when the check is deposited regardless of the post date.
Meaning, you can post date it all you want, but if someone deposits it, the date is irrelevant.
Additionally, in my banking experience, post dating checks has only ever made a mess for someone, never cleaned up a mess
There is no such thing as a post dated check. A bank teller will process a check when it is presented - the date is not legally binding. An ATM doesn't scan for the date and reject post dated checks either.
To be honest, I can't believe there is still a bank that honors post dating such as was on your birthday check. Was it bank to bank? Meaning is your bank the same as the check writer? The check writer wasn't your parents or grandparents by any chance? I can sort of believe a local bank would honor a client who wanted their son or grandson to get funds on his birthday, but not before.
Don't post date. It's a bad idea and bad business. Plus, do onto others. You want good checks from your renters and your sellers/lenders want good checks from you.
Sounds like it's not worth the trouble then. Thanks!
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