If you bank with CIBC you may be interested in reading this.
* Huggy *
De Fri, 11 Dec 1998 05:55:19 GMT,
<3670B36F...@escape.ca>,
David Calvez <spar...@escape.ca>
a écrit dans le message (If you bank with CIBC you may be interested
in reading this.)...
====================
>My wife and I both deal with the CIBC bank although with different
>branches. Recently my wife wrote a post dated cheque on Nov 29 dated
>for Dec 18. To our surprise it was cashed and cleared the very next
>day. Unfornately the money applied against the cheque was intended to
>cover other expenses that have been had to wait because of the banks
>mistake. Admittedly we did write a post dated cheque. The person DID
>deposit it right away. Their bank processed the cheque right away (bad
>boy!). My wife's bank paid it out. Everyone down the line contributed
>to the problem of the funds being withdrawn too soon.
>
>HOWEVER! I think both banks involved were remiss in their job by
>processing a cheque that was post dated. The part that really frosts my
>butt though is the holier than thou attitude of the bank manager of my
>wife's bank who spoke to my wife saying....
>
>1) they couldn't do anything to correct the situation.
>2) it was our fault for writing a post dated cheque.
>3) my wife had $700 in the account at the time he spoke
> to her so she obviously wasn't left stranded without cash.
>
>1) They obviously COULDN'T BE BOTHERED to correct the situation.
> We are small potatoes and don't matter.
>2) I guess it has BECOME A CRIME to write post dated cheques.
>3) In spite of the fact that she had $700 in the bank when he
> spoke to her (because another paycheque was deposited) the
> fact that she was inconvenienced greatly because she couldn't
> make interac purchases or pay certain bills to the tune of $200
> or so DOESN'T MEAN A THING TO HIM. It doesn't matter to him that
> being able to PLAN EXPENDITURES does matter at this time of year
> when you have a lot more money being spent than other times of year.
>
>NEEDLESS TO SAY, both me and my wife will be looking for another bank
>to deal with that doesn't talk down to you. That will be more careful
>with post dated cheques. That will correct such mistakes. Maybe I'm
>naive but I just don't like his attitude. IT SUCKS! BIG TIME!
Believe or not... I exactly saw the customer falling under same
situation as yours. I was at TD bank and he talked to the
receptionist and receptionist decided to take care of the problem
right away. It was the fault of bank and someone tho deposited the
cheque, NOT the customer who wrote the postdated cheque. The
customer/bank decided to cancel the transaction / postdated cheque
which took a quite time... and the bank advised customer that he
should highlight the date or put a comment of postdated intension and
highlight... and I heard that usually the banks wouldn't care about
the dates of the cheques you write at the top... so without giving
some attention to those who process the cheque, nothing happens....
but if you write a postdated cheque and someone processes it, it is
NOT your fault.
______________________________________________________________________
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|| 24L ---------------------------------------------------- 06R ||
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Mark Doldon
post-dtaed cheques are in fact not permitted by banks...Technically.
We all use them, though.
Patrick Coghlan
Pollak) wrote:
> There is nothing a bank can permit or not permit about post-dated cheques.
The line I have always gotten from banks is, "there is no such thing as a
post-dated cheque". I don't know if they are right, legally-speaking, or
if they are just covering their butts in cases where the teller didn't pay
attention to the date.
It is interesting to note that in all the years I have been dealing with
banks, if I write THEM a post-dated cheque and mail it (to pay VISA, loan
etc.) they never cash it before the date indicated on the cheque. Of
course this doesn't really prove anything other than they do not ignore
the date out-of-hand.
> It would be useful to know what a cheque is before anyone gets much
> further into this.
>
> It is nothing more than your written order to your banker to pay the
> person named on the cheque an amount of money out of your account, on or
> after a certain date.
>
> If somebody comes in and tries to cash a cheque that is not due yet, the
> bank is at fault. Pure and simple. The bank cannot tell you what orders
> you are allowed to write to it. Before they accept any cheque, it is their
> obligation that the order you wrote is valid. It must be dated with a
> current or no more than 6 months old date, the figure and body must agree,
> it must be drawn on a valid account and bear the authorized signature(s)
> of the account.
>
> If any one of the items is not in order, the bank _must_ refuse to honour
> that cheque. No ifs, not buts.
>
> --
> Greetings from Lotusland ...
Remove "noSpam." from my return address to reply via e-mail
--------------------
-Pat
E. Barry Bruyea
wrote:
>x-no-archive: yes
>Patrick Coghlan wrote:
>
>>The line I have always gotten from banks is, "there is no such thing as a
>>post-dated cheque". I don't know if they are right, legally-speaking, or
>>if they are just covering their butts in cases where the teller didn't pay
>>attention to the date.
>
>Technically speaking, they are right. Until a cheques is payable, it is
>nothing more than a piece of paper. So it maens nothing until its due
>date. If I give you a cheque post-dated to Feb 5, 1999, you have no
>assurance that my account will be still there by the time the cheque
>becomes due.
>--
>Greetings from Lotusland ...
As a matter of trivial interest, many banks in the U.S. will process a
"post" dated check, even if it is months prior to the date shown on
the cheque.
r3d3...@ecn.ab.ca
: >The line I have always gotten from banks is, "there is no such thing as a
: >post-dated cheque". I don't know if they are right, legally-speaking, or
I wonder if I can post-date my debit card?
Ron
* Huggy *
<<<<<<===========--M--A--S--A--T--A--K--A----N--O--D--A--============>>>>>>
De 12 Dec 98 20:08:40 GMT,
<3672c...@ecn.ab.ca>,
r3d3...@ecn.ab.ca ()
a écrit dans le message (Re: If you bank with CIBC you may be
interested in reading this.)...
====================
>Karl Pollak (pol...@nospam.com) wrote:
______________________________________________________________________
Lyle Craver
wrote:
>If I remember correctly reading an account application years ago,
>post-dtaed cheques are in fact not permitted by banks...Technically.
That's nonsense and there's a whole body of case law concerning
negotiable instruments that applies here. In law a post-dated cheque
is not a cheque but a promissory note with all the different
regulations that apply.
The Bank Act specifically deals with these and other financial
instruments.
------------------------------------
To reply to me remove 1 from address
Randy
without a problem. 1 week later the company that wrote me that check
decided to put a stop payment on it. CIBC did, they took the money out
of my account. I thought once a check cleared there was nothing anyone
could do. But that's not the case, the banks can change paperwork to
make it look like it was just cashed. I got the same holier than thou
attitude. I even went as far as to complain to the head office, That
got me nowhere. They said there bank manager was right and that was the
end. CIBC does suck. What's going to happen when they merge with the
other bank?
Randy
--
http://www.geocities.com/yosemite/trails/6206/albreda/houseframe.html
* Huggy *
services and I don't want TD to merge with CIBC.
<<<<<<===========--M--A--S--A--T--A--K--A----N--O--D--A--============>>>>>>
De Mon, 14 Dec 1998 16:49:51 GMT,
<367517...@telusplanet.net>,
Randy <allp...@telusplanet.net>
a écrit dans le message (Re: If you bank with CIBC)...
====================
______________________________________________________________________
I wish you a happy christmas at: http://www.radiotelephone.net/merry_christmas/
tc
* Huggy * <hu...@radiotelephone.net.PAS_DE_SPAM> wrote in article
<367305fe...@news.sprint.ca>...
> why not postdate your credit card ?
>
>
<<<<<<===========--M--A--S--A--T--A--K--A----N--O--D--A--============>>>>>>
>
> De 12 Dec 98 20:08:40 GMT,
> <3672c...@ecn.ab.ca>,
> r3d3...@ecn.ab.ca ()
> a écrit dans le message (Re: If you bank with CIBC you may be
> interested in reading this.)...
>
> ====================
>
> >Karl Pollak (pol...@nospam.com) wrote:
> >: x-no-archive: yes
> >: Patrick Coghlan wrote:
> >
> >: >The line I have always gotten from banks is, "there is no such thing
as a
> >: >post-dated cheque". I don't know if they are right,
legally-speaking, or
> >
> >I wonder if I can post-date my debit card?
> >Ron
>
> ______________________________________________________________________
>
> M a s a t a k a N o d a, Montréal, Québec, Canada. N° d' ICQ: 15115035
> Infinite Communications® (TM): Il y a un coeur®. Il y a un esprit®. Il y
a une voie®.
> Étudient @ d'Université McGill (environnement)
> Indicatif d'appel de radioamateur: VA2QRU & VE7JPN & JP2CKG
> Membre d'internationale aucun code Morse pour services radioamateur -
NCI2014
> CÉ : hu...@radiotelephone.net.PAS_DE_SPAM (SVP enlever/please remove
Ed
literally millions of cheques every night (the figure at TD, the
smallest of the Big 5, was at almost 1 million 10 years ago). Checking
every date would be quite a lot of work. When you deposit individual
cheques, the teller will look. But when a business deposits 50 or 100
at once, the teller probably won't. However, there is a case that B of
M lost at Ont Court of Appeals that relates. In essence, the judges
ruled that being busy or insufficiently effective technology is no
excuse. Banks should not cash post-dated cheques. The CIBC was just
trying to intimidate the original poster to save themselves some work.
Karl Pollak wrote:
> There is nothing a bank can permit or not permit about post-dated cheques.
>
* Huggy *
De Wed, 16 Dec 1998 09:07:05 -0500,
<3677BE...@inter.com>,
Ed <e...@inter.com>
a écrit dans le message (Re: If you bank with CIBC you may be
interested in reading this.)...
====================
>as a practical matter, everyone should note that the banks process
>literally millions of cheques every night (the figure at TD, the
>smallest of the Big 5, was at almost 1 million 10 years ago). Checking
>every date would be quite a lot of work. When you deposit individual
>cheques, the teller will look. But when a business deposits 50 or 100
>at once, the teller probably won't. However, there is a case that B of
>M lost at Ont Court of Appeals that relates. In essence, the judges
>ruled that being busy or insufficiently effective technology is no
>excuse. Banks should not cash post-dated cheques. The CIBC was just
>trying to intimidate the original poster to save themselves some work.
maybe I should start writing a postdated cheques and post the results
afterwards.
______________________________________________________________________
I wish you a happy christmas at: http://www.radiotelephone.net/merry_christmas/
M a s a t a k a N o d a, Montréal, Québec, Canada. N° d' ICQ: 24703041
Infinite Communications® (TM): Il y a un coeur®. Il y a un esprit®. Il y a une voie®.
Étudient @ d'Université McGill (environnement)
Indicatif d'appel de radioamateur: VA2QRU & VE7JPN & JP2CKG
Membre d'internationale aucun code Morse pour services radioamateur - NCI2014
CÉ : hu...@radiotelephone.net.PAS_DE_SPAM (SVP enlever/please remove .PAS_DE_SPAM)
jr.
>
> maybe I should start writing a postdated cheques and post the results
> afterwards.
...you can not spell, you have no manners or grammar,
Michael H.
The lack of grammar is at the root of it. But it is all so weird.
Lyle Craver
wrote:
>I have not been following it up lately, but is it not the Bills of
>Exchange Act?
Mea culpa - that's what one gets for relying on memory from a 10 year
old Business Law course. :)
Best of the season to you & yours, eh?
Starwind
wrote:
>
>As a matter of trivial interest, many banks in the U.S. will process a
>"post" dated check, even if it is months prior to the date shown on
>the cheque.
>
As part of their Customer Agreements, most banks in the US have a
clause that says basically that it doesn't matter what the date on the
cheque is, cheques presented on your account will be cashed; whether
it is post-dated or stale-dated or whatever other dating method is
used.
SW.