Post-dated check


Also found in: Legal, Acronyms.

Post-dated check

A check that becomes payable and negotiable on a future date specified.

Post-Dated Check

A check dated for one or more days after it is written. For example, if one dates a check for January 31st, and it is currently January 25th, it is a postdated check. Theoretically, banks do not honor postdated checks, though many do anyway.
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Because payday lenders require a post-dated check or a debit authorization, payday lenders accuse customers of committing the crime of check fraud or passing a bad check if their checks bounce or if the account debits are denied due to insufficient funds ("NSF").
285) In other words, a criminal complaint cannot be predicated solely on the fact that a post-dated check (or a debit to bank account) could not be satisfied due to insufficient funds in the consumer's account.
With the emergence of online payday lending, companies do not require a post-dated check, but instead require the consumer to electronically sign an online agreement that authorizes the lender to debit the bank account in order to facilitate repayment of the loan.
276) A common debt collection tactic is for payday lenders to submit the post-dated check multiple times for payment and to attempt several debits to the consumer's bank account.
24, 2000) (describing the plight of a young mother who was arrested after her post-dated check bounced).
281) See Johnson, Payday Loans, supra note 6, at 87-90 (describing how payday lenders pursue criminal prosecution and arguing that such prosecutions are an injustice because the lenders not only know the consumer does not have money in the account, but the lenders actually require the consumer to give a post-dated check or agree to a debit authorization as a condition to obtaining a payday loan).
Thereafter, Darlito issued post-dated checks to Ashraf payable until January 2016 under HPI and Darlito's personal accounts.
Customers write post-dated checks to Payday and are extended up to 30-day cash loans.
Loans to overseas Filipinos amount to P50,000 and up payable over 12 to 18 months via post-dated checks.
Amalilio is a Filipino of Malaysian descent, whose alleged scheme was to solicit investments or money placements, promising to return the entire sum in the form of post-dated checks plus investment profit raging from 15 to 30 percent to as high as 40 percent, based on Securities and Exchange Commission documents.
The interest earnings came in the form of post-dated checks, which Amalilio faithfully redeemed on time--until around September, when the checks began to bounce.
Clients were issued post-dated checks which they then deposit or cash in at pre-agreed dates.

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