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I have gone to work for an electronic payment systems who sells

credit card processing manchines. They...
I have gone to work for an electronic payment systems who sells credit card processing manchines. They will take post-dated checks through their check readers and deposit them for the merchants on the future date of each check for a fee.
Is this legal in the state of Indiana and Kentucky...isn't a post dated check a promissory note and uncollectable legally?

JimK
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Answered in 10 minutes by:
11/1/2012
Law Educator, Esq.
Category: Legal
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Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Legally, there is no such thing as a "post dated check." The acceptance of a post dated check is a contractual agreement between the party writing the check and the party accepting the check. Thus, it is not illegal in IN or KY for a company to agree to delay deposit of a check and as long as the company agrees it is a civil matter of breach of contract if the party does not have funds available when deposited. By law, a person is supposed to have the funds available in the account when they write the check, thus, if funds are not available when the check is deposited it is still issuing bad checks and can be pursued both criminally and civilly, although many prosecutor's prefer to refer these cases to civil court.


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Customer reply replied 5 years ago

My company guarantees the money to the merchant if the check bounces, so how would my company take the "bad check writer" to court? My company is out in Denver.


 


Also, the statement has also come up from a merchant: " I could be counter sued by the check writer, along with your company, for putting through a check that I knew [the merchant] was no good to begin with...that's why is was post dated.


 


Question: Is that correct?


 


JimK

Your company would have to file a civil suit, generally in small claims, against the person who wrote the check to recover the money. This is similar to payday loan companies, where they take a check and hold it until payday and deposit it. They have to sue the check writer in small claims for breach of contract.

If you/the merchant had an agreement to hold the check, this is a contractual agreement as I said, which means if you/the merchant breached that contract and submitted the post dated check for cashing to the bank before the agreed time the check writer could claim breach of contract.
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Customer reply replied 5 years ago

One more question, and I'll let you go.


I happen to have a check for $27,900.00 that bounced on me back on 12/29/98.


I had a disgruntled employee who made off with some of my files and took the check with her.


I thought all this time, it was lost, but about a year ago, I found the check in a box of files we finally recovered


.


Question: All in all, is it too late to prosecute the people who wrote this check in any way?

I am afraid that if this was in Indiana, a contract for payment of money has a statute of limitations of 6 years, so it would be too late to pursue the check writer.
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