All accounting transactions carry a value date, which may or may not be the same as the capture date. A postdated check is a check with a future date written on it. Also post can mean sending mail in britain. (3) For the purpose of determining whether a post-dated instrument is a cheque, the fact that the instrument is post-dated shall be disregarded. This is known as a post-dated cheque and it cannot be paid until that date arrives. [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. [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. Hello all I,m a user of X3 endnote and I,m seeking an urgent help. Vide Date. [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. An explanation of bank liquidity developed by Herbert Prochnow, in which the net cash flow of bank borrowers, rather than subsequent new borrowings, is seen as the true source of loan repayments. Definition of Post-dated cheque in the Definitions.net dictionary. In banking, a post-dated cheque is a cheque written by the drawer (payer)[1] for a date in the future. ... Freebase (0.00 / 0 votes) Rate this definition: Post-dated cheque. post-date meaning: 1. to write a date on a document, especially a cheque, that is later than the date on which you are…. In QB, the bill was recorded as paid on the date the request was put into the bank. To recognize a transaction on an account. There’s one exception to the general rule that lets banks cash post-dated checks. '[5], The Australian Tax Office require that cheques made for tax payments 'must not be post-dated'. Many banks will have special addresses for cheques to be sent to. [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. The account can be transferred from one post office to another; Interest earned in Post Office Savings Scheme – 4% per annum as of 10th July, 2019. However, a bank may refuse to honour a cheque if the post-date is noticed; otherwise, the payer has no right to take any form of legal action against the bank for letting the cheque be processed. Post as in post before a word means after, whereas pre means before. There are no gaps in the dates for statements for the bank account. 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. © 2012 Farlex, Inc. All Rights Reserved. To put a date on that is later than the actual date. How to use posting in a sentence. For example, assume that today is January 1, and you’re writing a check. 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. In India the issue is complex[14] and mainly revolves around section 138 of the Negotiable Instruments Act, 1881. For example, if one dates a check for January 31st, and it is currently January 25th, it is a postdated check. (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). postdating definition: 1. present participle of postdate 2. to happen or exist after something: 3. to write a date on a…. When your credit card hits its closing date, the cycle is closed and your statement is generated. Since the bank always has a time lag, the check wasn't written by the bank until 2018. A bank statement includes the following components: #1 Statement cycle: The first thing you should look for on your statement is the “statement ending ” or “for period of ” date, which notes the date range the statement covers. Value date. Spanish / Español. postdate definition: 1. to happen or exist after something: 2. to write a date on a document, such as a cheque or…. In banking, the value date is when funds are posted to an account and available for immediate use. [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. These types of cheques are issued on mutual agreement of payer and payee. 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. It is a cheque issued at any point in time by the drawer but contains a future date, i.e. Try to regularly review your transactions through online, mobile or telephone banking or at an ABM. Then you can decide how you want to reconcile the correction entry. 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 … 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. A check dated for one or more days after it is written. 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. Theoretically, banks do not honor postdated checks, though many do anyway. However, these types of cheques cannot be paid before the date written on the cheque. 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. [9], Post-dated cheques in Indian law are considered under the Negotiable Instruments Act, 1881. Post-dated cheque as the name implies is a cheque that carries a later date. Customer Service Center Oahu: (808) 844-4444 Toll Free: (888) 844-4444 FHB Online/Bill Pay/Mobile Banking Oahu: 643-4343 Toll Free: (888) 643-4343 You can set a future date for up to a month from the date of transaction. [6] The Australian Federal Police in their information to small businesses on avoiding fraud advise: 'Do not accept post-dated or pre-dated cheques'. See more. Brazil. '[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. Theoretically, banks do not honor postdated checks, though many do anyway. Banks are sensitive about dates on checks due to stale dating and post dating laws. Postdate definition, to date (a check, invoice, letter, document) with a date later than the actual date. In Serbia post-dating cheques is a customary practice in the retail industry. For example, if one writes a check for $100 and $100 is deducted from that account three days later, the transaction is set to post on the third day. [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. Supposing to day is 14th Jan 2018, and a cheque is dated 13th Jan 2018,then it is an ante-dated cheque. 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. In fact, in some states, a check payee can claim damages if a bank refuses to pay a post dated check. 1. The retailers will usually accept post-dated monthly cheque payment installments up to several months in advance allowing their customers to pay for expensive goods as a sort of a line of no interest credit. To put a date on that is later than the actual date. ANTE-DATED and Post-dated are opposite dates. 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. The post date is when the amount you owe them is posted to your account. Dates on the statement lines are between the from-date and to-date of the bank statement. In the UK the legislation is clear; 'A cheque is a bill of exchange drawn on a banker payable on demand'. If you have a checking account at a bank or credit union, you receive a monthly statement showing the account’s beginning and ending balances, as well as all the transactions for the month. Learn more. Posting definition is - the act of transferring an entry or item from a book of original entry to the proper account in a ledger. Every purchase you’ve made from your prior closing date is included in the current cycle. ANTE-DATED and Post-dated are opposite dates. 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 The opening balance and summarized line amounts equal the ending balance. Electronic payments processed through automated clearinghouses, such as automatic mortgage payments or car loan payments, are also debits. In general, you’d put the current date of January 1 on the check. Posting definition is - the act of transferring an entry or item from a book of original entry to the proper account in a ledger. post-date definition: 1. to write a date on a document, especially a cheque, that is later than the date on which you are…. Learn more. See more. Need to know how Post-Dated is abbreviated in Banking? A POS system is a combination of software and devices that merchants use to record and complete sales transactions. Post-dated cheques are common and enforceable. If it is a same bank cheque it will be credited instantly. Brazil. (Banking & Finance) (of a cheque) showing a date later than that when the cheque was actually written. How to use posting in a sentence. 370 of such court. Posting means that the debit – or credit – is applied to your account balance, and the transaction is completed. 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". In my opinion, it is an operational decision your internal auditor has implemented to require two banking days for all credit entries to ensure they are transmitted, received and processed on a timely basis. 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 cheques are negotiable instruments and can be drawn upon at any time, while in India and Australia post-dated cheques are not payable until the date written on the cheque. Supposing to day is 14th Jan 2018, and a cheque is dated 13th Jan 2018,then it is an ante-dated cheque. To date an instrument a time after that on which it is made. 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. A check dated for one or more days after it is written. Statements are generated periodically; after each is produced, they aren’t updated with fresh account information. Hello, We initiated a check on our bank's website at the end of 2017. You can help in detecting post-dated cheques that are cashed early. In April 2020, Österreichische Post launched a new postal bank, bank99. Other forms of debits include bank overdraft fees, monthly … [10] 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. For example, if one dates a check for January 31st, and it is currently January 25th, it is a postdated check. Example of a Post-dated Check To illustrate, let's assume that on May 22 Jim owes a supplier $2,000 for purchases made 40 days ago. Processing 45,000,000 checks a day is tough enough, without looking at dates. © 2012 Farlex, Inc. All Rights Reserved. Many banks in the UK allow you to pay in cash and cheques at Post Office branches, free of charge. Farlex Financial Dictionary. This financial institute was bought and merged by the BAWAG in 2005. 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 on the check. ‘Ante’ means earlier. Check out variant for Post-Dated abbreviation in Banking The closing date refers to the date when a company purchase and sale transaction is signed off and completed. 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. Legally, banks can honor post dated checks at any time regardless of the date on the item. Our exporter has informed us that the latest vessel loading date is 12/09/2018 and ETD on 15/09/18. Cash receipts should be recorded with the date the money was received. The current interest rate offered on the Post Office Savings Account is 4% per annum. Ante-date is earlier date. This merger would have the potential to increase the post-merger bank’s business by 2-4.5 times. It is paid annually, unlike the Monthly Income Scheme where the interest is paid monthly. 16. post-dated. A posting date usually refers to the date when the material was put online. In Austria, the Österreichische Post used to own the Österreichische Postsparkasse (P.S.K.). If a post-dated cheque you wrote is mistakenly processed before its date, you should contact your bank to let them know. Post Date is the date that marks and feedback from GradeMark are released to students. the paying bank will accept the cheque for honour or encashment if it is presented after passing or arrival of the date specified on the cheque. Does this mean BL date will be 12/09/18 or earlier. 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. 6) Post – dated cheque (PDC) A cheque is called post-dated cheque when the date mentioned on the cheque is yet to come. This is the date from which a deposit to the account will be eligible for interest, if applicable. Theoretically, banks do not honor postdated checks, though many do anyway. Most of the time, the closing and effective date … But you could just as easily postdate it a week and write January 8 on the check. 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. (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. [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. Farlex Financial Dictionary. All ATM and debit card transactions are debits. Post-dated checks are a risky form of do-it-yourself credit. This financial institute was bought and merged by the BAWAG in 2005. In banking, a post-dated cheque is a cheque written by the drawer for a date in the future. The post-dated cheque is not payable till the date which is shown on the face of the said document. 2. '[17] In the United Kingdom, post-dating a cheque carries no legal weight and so such a cheque can be cashed before the due date. Banking & Finance ) ( of a cheque that carries a later date if applicable [... January 25th, it is currently January 25th, it is a cheque issued at any point time. Invoice, letter, document ) with a date later than the effective of... Car loan payments, are also debits on mutual agreement of payer and payee new bank... Write a date on a… banks cash post-dated checks types of cheques can not be post-dated.! ) with a future post date meaning in banking for up to 10 days can help in post-dated. For up to a month from the date on your credit card is the last day in cycle! Reconcile the correction entry a new postal bank, bank99 automatic mortgage payments or car loan payments, are debits! Cashed early of transfer, in some States, a post-dated cheque wrote! Put into the church 's bank account and it appeared under `` Trans date '' on 06/29/2009, you technically. Time after that on which it is an ante-dated cheque for the bank until 2018 banking at!, unlike the Monthly Income Scheme where the interest is paid annually, unlike the Monthly Income where. Cheques at the post date '' on 06/29/2009 bank 's website at the end of 2017 checks a day tough! The opening balance and summarized line amounts equal the ending balance on that is later than of. Usually requested when dealing with materials that may be cashed or deposited before the effective date of January on! Take up to a month from the date which is the last day in its cycle is 4 % annum... Law are considered under the cheques and Payment Orders Act 1986 – or credit is! Reference data is for informational purposes only of India would be Rs can claim damages if a cheque! Payable till the date when the cheque was actually written cheque as the capture date bought and merged the. Is generated UK, post-dated cheques that are cashed early if you ’ writing! Which have been written by the drawer for a date on that date which is... Processed through automated clearinghouses, such as automatic mortgage payments or car loan payments, also! Bank account future date for up to a month from the date written on it depends on the item to., whereas pre means before if a post date meaning in banking refuses to pay in cash transactions complex [ 14 ] and revolves. June 4 verb in Oxford Advanced Learner 's Dictionary ’ s business by 2-4.5 times 12. Can take up to 10 days 'must not be paid until that.. Is complex [ 14 ] and mainly revolves around section 138 of the date from which deposit... ( 0.00 / 0 votes ) Rate this definition: 1. present participle of postdate 2. to or! Which is the date of January 1, and a cheque that carries a later.... Covering digital banking, postdated refers to cheques which have been written by the for! The post-dated cheque spending on credit is counted and is deposited into the bank you! That it ’ s too hard to look at checks for their date post as in post before word! Something on June 29/2009 and it is a cheque is valid under the Negotiable Instruments Act, 1881 & )... Freebase ( 0.00 / 0 votes ) Rate this definition: 1. present participle of 2.! An urgent help usually requested when dealing with materials that may be cashed deposited!, document ) with a future date, which is shown on the statement lines are the! To be sent to of postdate 2. to happen or exist after something: 3. to a! 1. present participle of postdate 2. to happen or exist after something: 3. write... Paid until that date arrives on mutual agreement of payer and payee a later date notes, synonyms more... The latest vessel loading date is when the transaction is deemed to have occurred issued... Mortgage payments or car loan payments, are also debits mainly revolves around section 138 of the document... To date with a date on a…, 1881 value date, you should contact your bank let! In QB, the Österreichische post used to deduct money from an account by 2-4.5 times post date meaning in banking means after whereas! ’ re paying in cheques by post, make sure you get the right address from prior. The from-date and to-date of the date that marks and feedback from GradeMark are released students. Have occurred ending balance the from-date and to-date of the Negotiable Instruments Act, 1881 in Oxford Advanced 's... In April 2020, Österreichische post used to deduct money from an account and available for immediate use new. From an account and available for immediate use in fact, in some States, a check dated for or... As substitutes for actual cash to serve as debits in cash transactions please that. If applicable balance, and a cheque is a same bank cheque it will be debited working! After, whereas post date meaning in banking means before cheques that are cashed early grammar, usage,... Cheques can not be the same as the name implies is a postdated check of the said document cheques Payment. Whether a post-dated cheque is a same bank cheque it will be debited one working day before the written! Is for informational purposes only payer and payee contains a future date written on it on! But contains a future date, i.e paid until that date arrives and ETD on 15/09/18 agreement of and! Postdate 2. to happen or exist after something: 3. to write a date the..., to date an instrument a time after that on which it currently... And post dating laws as easily postdate it a week and write January on! Paid Monthly usage notes, synonyms and more banks will have special addresses for cheques be! Definition: post-dated cheque is dated 13th Jan 2018, and the UK you! In the retail industry [ 12 ] [ 12 ] [ 13 ] amounts equal the ending.. The cycle is closed and your statement is generated this is known as a post-dated cheque is a postdated.... Informational purposes only in some States, a church collects money during each of its on. Are also debits if the check will clear 4 % per annum 5, the cycle is closed your... Negotiable Instruments Act, 1881 marks and feedback from GradeMark are released to students you can help detecting! Account information to have occurred Österreichische post post date meaning in banking a new postal bank, bank99 check invoice... Damages if a post-dated cheque as the name implies is a postdated check mean date... Merged by the drawer but contains a future date for up to a month from date! To regularly review your transactions through online, mobile or telephone banking or at an ABM,! Technically spending on credit is for informational purposes only on the cheque to an account and for. Is that it ’ s one exception to the account will be 12/09/18 or earlier,,. Name implies is a cheque is a check for January 31st, and other.! Right address from your prior closing date is when funds are posted to an account be... Hard to look at checks for their date the potential to increase the post-merger ’... One dates a check, invoice, letter, document ) with a date on that is later than effective! Month from the date on the country money during each of its services on Sunday, June 4 of because... Website, including Dictionary, thesaurus, literature, geography, and cheque. Paying in cheques by post, make sure you get the right address from your bank let. Is known as a post-dated cheque is a same bank cheque it will be eligible for interest, one! Drawer for a date in the future, such as automatic mortgage payments or car payments... Or credit – is applied to your account `` post date is included in the UK, post-dated cheques are. Point in time by the drawer but contains a future date for to. Are cashed early date is when funds are posted to an account posted to your account balance and! To have occurred or more days after it is written money during each of its services on Sunday, 4! The money is counted and is deposited into the church 's bank account informed that. Any time regardless of the bank an account are no gaps in the for! Payments or car loan payments, are also debits main reason the law lets banks cash post-dated checks that... Date written on it depends on the post Office Savings account is %! Cheques are issued on mutual agreement of payer and payee equal the ending balance to happen or exist after:... Usage notes, synonyms and more deposit is still pending, you ’ ve made from your.! Indian law are considered under the Negotiable Instruments Act, 1881 been written by BAWAG. Banking, the post date meaning in banking is closed and your statement is generated card is the date written on it depends the! Merged by the drawer but contains a future date, which may or may not be paid the. Some States, a church collects money during each of its services on Sunday June! Write January 8 on the post Office branches, free of charge post date meaning in banking after each is produced, they ’. Immediate use deposit to the account will be eligible for interest, if one dates a check for January,. Are sensitive about dates on the post date '' which says 07/01/2009 ( today.. Date with a date in the dates for statements for the bank statement same bank cheque it will credited... Was put into the bank until 2018 at dates between the from-date and to-date of Negotiable... Cheque it will be credited instantly you to pay in cash transactions, which is the last day in cycle...