dating older seiko 5 serial numbers - Post dating checks illegal

Of course, even this preventative measure isn’t foolproof, as rules governing banks vary from state to state depending on the two types of notification given, the CFPB says.

In notice about a postdated check before the check is received, then the notice is valid for up to six months.

Even if you use it and pay it off in full every month, that's still considered a balance for credit report purposes.

It will hurt it -- maybe by just a few points or maybe by a lot.

How much depends on: a C/ How old is the account relative to your other accounts?

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.

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 could seek alternative measures such as a small-dollar loans from a credit union or community bank, inquire about a pay advance from their employer or work out a payment plan with the company or individual they are paying.

Consumer advocates who spoke with Consumerist say that while there are several reasons someone might think it’s a good idea to use a postdated check, it’s not generally recommended.

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.

(Closing one of your oldest accounts, particularly if you don't have many accounts, will hurt you.) a C/ How many other credit lines do you have?

Tags: , ,