Post-dated definition: On a post-dated cheque , the date is a later one than the date when the cheque was... | Meaning, pronunciation, translations and examples To date an instrument a time after that on which it is made. '[4], While this is a sound interpretation of Australian Commonwealth law, for insurance reasons the bank protects itself from possible attack with the condition (2014: Section 1.7.1 'Using your cheques '): 'You authorise us to pay a post-dated cheque (one which is dated with a date in the future) drawn on your account and presented for payment at any time before the date of the cheque arrives. Posting definition is - the act of transferring an entry or item from a book of original entry to the proper account in a ledger. This financial institute was bought and merged by the BAWAG in 2005. This merger would have the potential to increase the post-merger bank’s business by 2-4.5 times. Post-dated checks are a risky form of do-it-yourself credit. After a check or other debit arrives at your bank, it posts in the evening along with credits and any other transactions that occurred since the last posting. Postdating a check refers to writing a check but putting a future date on the check instead of the date that the person writes the check. The clearing process can take up to 10 days. Dates on the statement lines are between the from-date and to-date of the bank statement. If a post-dated cheque you wrote is mistakenly processed before its date, you should contact your bank to let them know. [16] Under the Bills of Exchange and Banking Act 1882, part 10, bills of exchange are payable on demand and in part 13, 'A bill is not invalid by reason only that it is ante-dated or post-dated. In April 2020, Österreichische Post launched a new postal bank, bank99. Post Office Saving Account customer to submit duly filled request form in respective Post Office, After enabling desired service in customers Savings Accounts by Post Office, customer will get activation code on his/her mobile within 48 hours to proceed further. What is post date? Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014. In banking, the value date is when funds are posted to an account and available for immediate use. How to use posting in a sentence. If it is a same bank cheque it will be credited instantly. Ante-date is earlier date. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. The main reason the law lets banks cash post-dated checks is that it’s too hard to look at checks for their date. POS systems accept a variety of payment methods, including cash, checks, money orders, store credits, electronic wallets and payment cards (credit cards, prepaid/gift cards and debit ca… A check dated for one or more days after it is written. (4) A cheque is not incomplete or irregular on its face by reason only that it is post-dated (whether or not the date has arrived). Whether a post-dated cheque may be cashed or deposited before the date written on it depends on the country. In April 2020, Österreichische Post launched a new postal bank, bank99. In India the issue is complex[14] and mainly revolves around section 138 of the Negotiable Instruments Act, 1881. On Monday, June 5, the money is counted and is deposited into the church's bank account. (Banking & Finance) (of a cheque) showing a date later than that when the cheque was actually written. In banking, a post-dated cheque is a cheque written by the drawer for a date in the future. Realistically, the recipient of a post dated check may never notice that the check has been post dated, and so will record and deposit it at once. The date doesn’t overlap the date for another bank statement for the same bank account. A Canadian bank, for example, is not supposed to process a post-dated cheque and if it does so by mistake, the cheque writer may ask their bank to correct the error. The two major issues before the courts are: 1) Post-dated cheques that are stopped by the bank or issuer, causing problems for whoever is to be paid by the cheque for goods or services provided[15] and; 2) the reverse, in which a person is promised goods or services but does not receive them and has to stop the cheque. The Commonwealth Bank of Australia's rules and conditions for cheques (2014: Section 1.7.6 'Dishonour of cheques') clearly state that a cheque will be dishonoured if it is presented before the post-date as written on the cheque for the reason that, '...the cheque bears a date that is in the future. The post date is the day, month, and year when a card issuer posts a transaction and adds it to the cardholder’s account balance. Vide Date. Learn more. Postdate definition, to date (a check, invoice, letter, document) with a date later than the actual date. If it's a deposit, remember that it won't be reflected immediately in your bank balance, so you may be at risk of overdrawing your account if you spend as if it has been fully processed. post-dated. If a check is dishonored by a bank, it takes between two and four days for the check writer's bank to notify the depositor's bank. © 2012 Farlex, Inc. All Rights Reserved. ‘Ante’ means earlier. (2) A cheque is not invalid by reason only that- (a) it is not dated; (b) it is antedated or post-dated; or (c) the date it bears is a Sunday. If you are reconciling bank statements manually, the Reconcile Bank Statements window retrieves all available statement lines and transactions that match your selection criteria. postdate definition: 1. to happen or exist after something: 2. to write a date on a document, such as a cheque or…. Banks use \"cash in\" tickets as substitutes for actual cash to serve as debits in cash transactions. According to the Comptroller of the Currency: "A check is a negotiable instrument—the payee, the person to whom the check is written, may negotiate it through the banking system at any time" and check writers seeking redress must restrict themselves to pursuing the payee. 370 of such court. A Canadian bank, for example, is not supposed to process a post-dated cheque and if it does so by mistake, the cheque writer may ask their bank to correct the error. [27], Nonetheless, if "the customer has given notice to the bank of the postdating describing the check with reasonable certainty" the Uniform Commercial Code requires that the notice to be honored.   While the deposit is still pending, you're technically spending on credit. At this point, the … A postdated check is a check with a future date written on it. See more. If it is a same bank cheque it will be credited instantly. To put a date on that is later than the actual date. In Austria, the Österreichische Post used to own the Österreichische Postsparkasse (P.S.K.). 2. [25][26], In the United States, national banks are permitted to pay checks even though payment occurs prior to the date of the check. ANTE-DATED and Post-dated are opposite dates. Whether a post-dated cheque may be cashed or deposited before the date written on it depends on the country. However, please note that your account will be debited one working day before the effective date of transfer. In the United States and the UK, post-dated … Our exporter has informed us that the latest vessel loading date is 12/09/2018 and ETD on 15/09/18. In general, you’d put the current date of January 1 on the check. POST DATE. A posting date usually refers to the date when the material was put online. The bank is also unlikely to notice the date on the check, and in any case may have a policy of honoring all checks at once, irrespective of the check date. [20][21] In some instances a post-dated cheque may be retained by the bank and paid on the due date if that date is only a few days away. To recognize a transaction on an account. Also post can mean sending mail in britain. post-date meaning: 1. to write a date on a document, especially a cheque, that is later than the date on which you are…. Check out variant for Post-Dated abbreviation in Banking Many banks in the UK allow you to pay in cash and cheques at Post Office branches, free of charge. 16. Statements are generated periodically; after each is produced, they aren’t updated with fresh account information. As a bill of exchange a post-dated cheque remains negotiable but it will not become a "cheque" till the date when it becomes "payable on demand". [11][12][13]. If you see the word "pending" on your online banking site or app, it generally refers to a deposit or payment that the bank is aware of but is still processing. For example, if one dates a check for January 31st, and it is currently January 25th, it is a postdated check. Farlex Financial Dictionary. Definition of Post-Dated Cheque. [7], In Brazil, the drawer may seek damages in Justice if their cheque is cashed in before its due date, according to the jurisprudential orientation of the Superior Court of Justice, as per Summary No. [22] Some UK organisations do not accept post-dated cheques[23] as well as some Government Departments,[24] while paying income tax or voluntary National Insurance may only be done with post-dated cheques with permission from HM Revenue and Customs. Try to regularly review your transactions through online, mobile or telephone banking or at an ABM. (1) Where a cheque, or any indorsement of a cheque, is dated, the date shall, unless the contrary is proved, be presumed to be the day on which the cheque was drawn or the indorsement made, as the case may be. Does this mean BL date will be 12/09/18 or earlier. Postdate definition, to date (a check, invoice, letter, document) with a date later than the actual date. Dates are usually requested when dealing with materials that may be updated or subject to change. Need to know how Post-Dated is abbreviated in Banking? Beside it is "Post date" which says 07/01/2009 (today). The opening balance and summarized line amounts equal the ending balance. In Austria, the Österreichische Post used to own the Österreichische Postsparkasse (P.S.K.). This is known as a post-dated cheque and it cannot be paid until that date arrives. However, these types of cheques cannot be paid before the date written on the cheque. In banking, the date a transaction appears in the account is also referred to as the transaction date, although it is not necessarily the date on which the … Checks are types of debits because they are used to deduct money from an account. In banking, postdated refers to cheques which have been written by the drawer for a date in the future. The post date is when the amount you owe them is posted to your account. Total of 163 singleton pregnant women between ages of 18-35 years (as risk of chromosomal abnormalities in higher after 35 years of age) from 39-41+4 weeks of pregnancy were included after written informed consent from couple and divided into two groups i.e term pregnancy group (39-40+3) and post date pregnancy group (40+4 - 41+4). Brazil. 1. dates 1. Value date. Banks are sensitive about dates on checks due to stale dating and post dating laws. In the UK the legislation is clear; 'A cheque is a bill of exchange drawn on a banker payable on demand'. [2][3]. For example, assume that today is January 1, and you’re writing a check. For example, if you have specified your interbank fund transfer to be effected on Friday 23 Jan 2015, your account will be debited on Thursday 22 Jan 2015. NOTE: You are able to edit the post date as often as required: Select the pencil icon in the Submissions Inbox; Edit the dates as required by clicking on the calendar icon; Select "Update Parts" to save your changes. [18][19], It is common for the terms and conditions of current accounts to state that post-dated cheques should not be written and will be dishonoured if detected. Typically, a bank must make $200 of a check deposit available for use on the next business day, but remaining funds can be held for two business days. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. If the BL date is later than LC last date of shipment Can a bank consider it as a discrepancy for making a LC null and void and not honoring a … To put a date on that is later than the actual date. Processing 45,000,000 checks a day is tough enough, without looking at dates. Learn more. Suppose you presented a cheque in bank, the day when bank posted the cheque is the posting date or normal date, the day when the cheque amount got cleared is the value date. Definition of Post-dated cheque in the Definitions.net dictionary. This date may be different than the effective date, which is the date when the transaction is deemed to have occurred. If you’re paying in cheques by post, make sure you get the right address from your bank. Other forms of debits include bank overdraft fees, monthly … There’s one exception to the general rule that lets banks cash post-dated checks. Theoretically, banks do not honor postdated checks, though many do anyway. © 2012 Farlex, Inc. All Rights Reserved. [29], http://www.duhaime.org/LegalDictionary/D/Drawer.aspx, http://www.comlaw.gov.au/Details/C2004A03386, https://www.commbank.com.au/business/pds/ADB2916.pdf, https://www.ato.gov.au/Business/Payments-to-ATO/How-to-pay/, https://in.finance.yahoo.com/news/legal-consequences-bounced-cheques-125402222.html, http://www.moneylife.in/article/bounced-cheques-and-section-138-of-ni-act/37274.html, http://judis.nic.in/supremecourt/imgs1.aspx?filename=41392, http://www.vakilno1.com/legal-faq/dishonour-of-cheque-section-138-of-the-negotiable-instruments-act.html, http://articles.economictimes.indiatimes.com/2003-03-12/news/27559217_1_post-dated-cheques-negotiable-instruments-act, http://www.legislation.gov.uk/ukpga/Vict/45-46/61/part/III, http://www.legislation.gov.uk/ukpga/Vict/45-46/61, http://www.chequeandcredit.co.uk/faqs/-/page/can_i_post-date_a_cheque/, http://news.bbc.co.uk/2/hi/programmes/moneybox/3537727.stm, http://payontime.co.uk/cheques-and-cheque-clearing/cheques-and-the-cheque-clearing-system, http://www.nidirect.gov.uk/the-cost-of-a-driving-licence, https://www.gov.uk/pay-self-assessment-tax-bill, https://www.gov.uk/pay-voluntary-class-3-national-insurance, http://www.law.cornell.edu/ucc/4/4-401.html, https://en.wikipedia.org/w/index.php?title=Post-dated_cheque&oldid=946198218, Creative Commons Attribution-ShareAlike License, This page was last edited on 18 March 2020, at 18:23. (Reviews), Bad spelling in post-date texts can ruin your potential relationship, Doing the credit card dance: using credit can help your business - just be aware of the pitfalls, Men and Sex: Date line: we plot the course of `true love', Post-Conflict Reconstruction and Development, Post-Construction Stormwater Management Plan, Post-deployment Real-time Interactive Simulator/driver System, Post-Deployment Software Support Activity, Post-Deployment Software Support Environment, Post-Deployment Software Support Information Management, Post-Deployment/Mobilization Respite Absence, Post-Determination Refugee Claimants in Canada. Post-dating a check makes sense only if you are certain that the payee will not cash or deposit the check before the date appearing on the check. [28] In practice, whether the check writer has any redress against the financial institution where the payee deposited the check may depend on whether it can be shown that the check was accepted over the counter without examination. Postdate definition: to write a future date on (a document ), as on a cheque to prevent it being paid until... | Meaning, pronunciation, translations and examples