How to Delay the Cashing of a Check
Delaying the cashing of a check is handy when you are unable to cover the funds allocated until a later date. You will need to date the check with the day on which you would like the check to be cashed and notify the recipient that the check has been postdated. The payee named on the check has no legal obligation to wait for the money to reach the account. Because of this, you may still incur bounced check fees if you do not clearly communicate that the check has been postdated.
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Instructions
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Ask the intended recipient if you can write them a postdated check. Make sure they understand exactly when your checking account will have the funds to cover the amount, otherwise the check may bounce.
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Fill everything out on the check as you normally would, except for the date. Write in the date you would like the check to be cashed on. Reiterate this on the memo line by writing "Postdated for XX/XX."
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Sign the check and give it to the recipient. Log the check in your registry, making note that it has been postdated for a later date. Immediately notify the recipient if you will not have the funds available to cover the check on the date it is postdated for. Letting the check bounce will incur hefty fees. Try to negotiate a later date.
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Go to your bank and cancel the check payment if you are unable to secure funds to cover the amount, and the recipient is unwilling to negotiate a later post date. You will still have to work out a payment with the intended recipient, but voiding the check will prevent it from bouncing in the event the recipient still tries to cash it.
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References
- Photo Credit check book image by Rob Hill from Fotolia.com
