postdated check


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postdated check

n. a check delivered now with a written date in the future, so that it cannot be cashed until that date. The danger to the recipient is that such a check is legally only a promissory note due at the later date, and if the account is closed or short when the check is presented at the bank, the payee has no rights to demand payment by the bank or claim that the delivery of a bad check was criminal.

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* You may not accept a postdated check that is dated more than five days away.
But then "with direct access to the borrower's checking account, a lender can cash the postdated check on the borrower's next payday, amounting to an annual interest rate of 459 percent (credit cards charge from 17 to 25 per cent).
The practice of issuing postdated checks was later scrapped, "obviously to avoid a paper trail that can be used for legal pursuits," said Mercedes Lourdes Quisumbing, president of Pagadian City Chamber of Commerce and Industry.
PPA: This metric tells the manager the total dollar amount of recurring promises that the collector has scheduled to run between this morning and the last day of the month that are not already represented by postdated checks. A PPA (or a partial payment agreement) is made by a debtor who's agreed to a repayment schedule in which he sends periodic installments.
Customers typically borrow from $100 to $500 in return for writing postdated checks. The lenders hold the checks, expecting the customers to return on paydays to buy back the checks for the amount borrowed, plus a fee.
The teacher holds a parent meeting at the beginning of the year and collects postdated checks from each family.
We also ask arrears clients for a series of postdated checks (for any amounts) for as much as a year in advance, so the past-due balances can be settled gradually.
Pablo, the ever doting father offered to write Cal a check in payment of Mik's unpaid lease rentals, in addition to issuing postdated checks to cover the unpaid electric and water bills, the correctness of which Pablo said he still had to verify with Mik.
f) Postdated Checks: Postdated checks will be deposited.
The report offers several recommendations, including capping interest rates and fees, allowing installment payment plans, extending loan terms, limiting the number of rollovers and prohibiting the use of borrowers' postdated checks.
Also, the GSIS said it will 'notify qualified housing loan borrowers to retrieve their postdated checks from the former's treasury unit and replace it not later than August 1, 2017.'
Orasa paid the five percent downpayment and issued numerous postdated checks to cover the remaining balance.