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Post-dated cheques are common and enforceable. [9] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque A "post- dated cheque" is only a bill of exchange when it is written or drawn, it becomes a "cheque" when it is payable on demand.
A cheque may also be dishonoured because it is stale or not cashed within a "void after date". Many cheques have an explicit notice printed on the cheque that it is void after some period of days. In the US, banks are not required by the Uniform Commercial Code to honour a stale-dated cheque, which is a cheque presented six months after it is ...
Not all checks are the same and not all are processed by financial institutions the same way. Learn how long different types of uncashed checks are good for.
A dishonoured cheque (US spelling: dishonored check) is a cheque that the bank on which it is drawn declines to pay (“honour”). There are a number of reasons why a bank might refuse to honour a cheque, with non-sufficient funds ( NSF ) being the most common, indicating that there are insufficient cleared funds in the account on which the ...
A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.
For example, it would list outstanding cheques (ie., issued cheques that have still not been presented at the bank for payment). The entries in the entity’s books to rectify the discovered discrepancies (except for the outstanding cheques) would typically be made in a subsequent date or period, not backdated.
Pages for logged out editors learn more. Contributions; Talk; Stale-dated check
In banking, antedated refers to cheques which have been written by the drawer, and dated at some point in the past. In the United States antedated cheques are described in the Uniform Commercial Code's Article 3, Section 113.