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The checks usually aren't cashed until the first of the month and they clear my account on the second or third. Key and my landlord both said, "Too bad," and said postdating checks is illegal, anyway. There are no Federal Reserve regulations, which cover banking, that govern the payment of post-dated checks, said spokeswoman Anne Di Teodoro.
The bank can cash it unless it believes the check won't clear or is fraudulent.
If they attempted to deposit them, there wouldn’t be an issue (unless a check bounces or there’s some other reason it’s invalid).
The machines that read checks process a lot of information, but they don’t look at the date, said Nessa Feddis, senior vice president and deputy chief counsel for consumer protection and payments at the American Bankers Association’s Center for Regulatory Compliance.
Even if you use it and pay it off in full every month, that's still considered a balance for credit report purposes.
One good reason to close it might be if there was a new annual fee. Only you can decide whether the ding to your rating is worth whatever you gain.
The Question: I recently sent in my rent check early, as I usually do, with the date on the check reading Sept. The check was cashed by my landlord at his bank (Dollar Bank), and my own bank (Key) on Aug. There would have been enough money in there by Sept. One section, Article 4, 4/401(c), says: "A bank may charge against the account of a customer a check that is otherwise properly payable from the account, even though payment was made before the date of the check, unless the customer has given notice [such as stop payment] to the bank of the postdating." As far as whether it's illegal to postdate a check, it's not.
The rent check of 5 cleared, but wiped out my balance, which was supposed to cover other checks and ATM withdrawals. The Answer: This is an important lesson for people, and a potentially expensive one for you: It doesn't matter what date is on a check -- it can still be cashed. She noted that such matters are governed by the Uniform Commercial Code, which concerns general business practices.
Are we in jeopardy of a change in our credit score, which is in the 800 range?
We've always paid the total balance due each month.
But they may be referring to the fact that you're not supposed to give someone a check that you know is not good at that moment. I'm working with the bank to see if they can't give you more of a break this one time. You will get burned, and you will be the one in the wrong.