According to Legal Match, it is legal to write a post-dated check; however, legal options are limited if the check is cashed early. In addition, if you accept a post-dated check that does not clear, most states do not apply check fraud laws to post-dated checks.Know More
According to Nolo, unless you give your bank reasonable notice not to pay the post-dated check until the given date, the bank can cash it when it is presented. According to the Consumer Financial Protection Bureau, this notice is valid for up to six months.
Debt collectors and creditors often ask for post-dated checks or payments. The Fair Debt Collection Practices Act prohibits debt collectors from cashing post-dated checks early, states Nolo. In addition, if a creditor cashes a payment early, a complaint can be filed with the Federal Trade Commission.Learn more about Banks
Commercial banks are important because they lend money to people, accept deposits, process checks and payments, and offer secure havens for treasured items, according to Investopedia. Commercial banks also attract large amounts of capital from investors.Full Answer >
A cash letter is a group of negotiable items, usually checks, accompanied by a specific set of instructions for each of the items. Cash letters are normally sent to a clearing house or the Federal Reserve check collection system. They are also called transit letters.Full Answer >
Personal checks must include the name of the associated bank, but the bank's address is optional, according to 4Checks.com. The check must include the routing number of the bank.Full Answer >
As of 2015, the Rio Grande Savings and Loan Association offers a variety of financial services, such as assistance in balancing accounts, issuance of cashier checks, wire transfers, multiple types of safe deposit boxes and voucher checks. Additionally, the association also offers a variety of deposit products, including basic checking accounts, checking accounts that accrue monthly interests, Super Bonanza checking accounts, commercial checking accounts and statement savings account. Certain types of accounts bear higher interest rates but require minimum deposits.Full Answer >