Is postdating a check illegal in colorado

22-Sep-2019 18:26 by 7 Comments

Is postdating a check illegal in colorado

If the person who wrote the check has provided reasonable notice of postdating to their bank, however, you will not be able to cash the check early.

Unless you are 100 percent sure that the tenant can be trusted and that there will be funds to cover the check when it is ready to be cashed, it may not be a good idea to accept a postdated check.

Therefore, the protections offered to creditors under the various "bad check" laws may not apply.

By providing notice to your bank or just not writing a check until you can afford to, you can avoid fees and protect your money.

The fact that you are holding a check that will be presented to the bank for payment on a specific date places a burden on the debtor to have funds on deposit when the check is presented. In the event that the check is dishonored and the customer is sued, the existence of the check makes it harder for the customer to argue that the debt was never owed. Even if a post dated check is not honored when it is first presented, there is always the possibility that the check will clear at its second presentment, or that the creditor can tender the check to the debtor's bank on a collection basis.

There is a down side to accepting post dated checks...

A postdated check does show the tenant's will to pay, and if the funds are in the account on the date the check is cashed the landlord will receive the money.

If the check bounces the landlord may have certain civil remedies to help recuperate the promised funds.

Check kiting involves writing checks with insufficient balance and then putting money in the bank from another checking account, before the original check can clear.

Ignorance of the law will not keep you from being convicted so don't tell the bank that you didn't know."Kiting" usually refers to writing checks before funds are available.

I postdated my check because I didn’t want to miss the due date, and I intended to transfer the funds closer to the date I wrote on the check.

If you do accept it, you should check with your bank to see if they can process the check before the date on the check.

As a landlord, collecting a check that has been postdated could be dangerous.

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