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All addresses you provide will be used just for sending this story. Thanks to automated payments and online banking, many of us rarely if ever write checks, but millions of Americans still pull out their checkbooks every day to pay their bills. Consumerist reader M. The only way to possibly prevent a postdated Houston Texas TX online dating profiles from being processed early is to let everyone involved know in advance — and in a format that goes beyond just postdating the check.
In some states, best Vancouver to flirt a consumer gives the financial institution reasonably timed written notice about a postdated check before the check is received, then the notice is valid for up to six months. That means the bank must wait to cash the payment until the date stated on the paper or until six months is up, whichever comes first.
But if the consumer gives oral notice to the bank, the institution must only wait 14 days before processing the note — even if that happens to be before the date interracial dating in the Visalia the check.
Additionally, the only time a bank can be held liable for processing a postdated check before the indicated date is if that notice is still valid. In which case, the CFPB says the institution may may be on the hook to cover damages such as the cost of overdrafts and other fees.
Pamela Banks, senior policy counsel for our colleges at Consumers Union, tells Consumerist that sending a postdated check can be an indicator to the recipient that the check-writer is in dire financial straits. She says that many people who end up falling into predatory lending traps like payday loans have also used postdated checks to try to stave off debt collectors. Instead, consumers okcupid Greensboro NC dating seek alternative measures such as a small-dollar loans from a credit union or community bank, inquire Trenton expat dating a pay advance from their employer or work out a payment plan with the company or individual they are paying.
In addition to understanding the risks and potential issues with providing a postdated check best date night Olympia payment, consumers should be cognizant that it is illegal to intentionally write a bad check.
Still, she tells Consumerist that the bank in question agreed to remove the overcharge fees incurred as a result of the situation.
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