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ExpatSingapore Message Board 26 October 2014, 9:48:56 AM *
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Author Topic: Requested post-dated cheques  (Read 8239 times)
swordfish
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« Reply #15 on: 21 August 2006, 22:42:00 PM »
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of course they look at the dates....you guys are the most paranoid bunch ...its amazing.
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ExpatSingapore Message Board
« Reply #15 on: 21 August 2006, 22:42:00 PM »
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technically....
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« Reply #16 on: 22 August 2006, 7:31:00 AM »
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Well actually no most banks globally don't. The majority of the western world is moving away from cheque accounts due to fraud, and more efficient payment systems.

Case-in-point, in Australia, the major tier 1 & 2 banks got together to collectively outsource their cheque operations due to the decline in revenues but not operating costs. They realized that within the next 10 years cheque accounts will be virtually non-existent, and wanted to get the costs off their books ASAP and focus on more profitable payment systems i.e. GIRO, BPAY, etc.

The cheque processing systems today but still don't actually check the dates and this left up to the teller - now we are back to people again. Posted dated or not, once the cheque has been processed the funds are coming out of your account. Your only saving grace is the imaging systems that scan the cheques for archiving purposes before processing, this way the banks can quickly pull up your presented cheque for confirmation.

Paranoid, certainly why wouldn't you be when it’s your money, or where you born with a silver spoon in your mouth and your mummy and daddy didn't teach you the value of money!

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EasyPeasy
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« Reply #17 on: 22 August 2006, 7:39:00 AM »
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Asking for postdated cheques is BS, nobody pays rent that way-ask around & see how many people you find.

Tell her you'll mail a check each month on time just like now & if she wont agree then you'll be leaving

If she doesnt agree leave -its an outrageous request

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Evil Landlady
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« Reply #18 on: 22 August 2006, 10:39:00 AM »
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Thanks guys.  Giro is the modern form of payment as far as I'm concerned - there's a nice clean audit trail and I can control what goes in and out.

I will give her the option of monthly cheque or Giro or the highway!

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the dude
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« Reply #19 on: 22 August 2006, 11:02:00 AM »
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Its against the terms and conditions of all bank to issue post dated cheques.

Why?  Because technically a cheque is effectively a promisory note (not liquid cash).  This promisory note is technically guaranteed by the bank.  

That having been said - we've all in our time written blank or post-dated cheques to our friends and relatives.

If for whatever reason you renege on your side of the deal she can still take the cheques to the bank and demand her cash.  Since in Singers no cheques are allowed to bounce she would have a (albeit slim) claim on the bank that issued you with the cheque book.

I imagine that the landlady in this case just wants cheques because either she has some tax dodge that she is exercising or else as Swordfish suggests - she is old fashioned and would prefer them in her hand.

Why not negotiate a 5% discount using the post-dated cheque method. Or else you will excercise your right to pay monthly and it is your right.

It does all sound quite dodgy though.

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@dude
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« Reply #20 on: 22 August 2006, 11:17:00 AM »
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"Since in Singers no cheques are allowed to bounce"..

total crap.  i have had a cheque bounce on me and i have bounced a cheque on someone else.  'cheques are not allowed to bounce'.... yeah right.. what the f*ck are you on??

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walk away
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« Reply #21 on: 22 August 2006, 11:25:00 AM »
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I think you should walk away, OP. You say you have been there 2 years. By now, a level of trust should have been developed by the LL such that she shouldn't need to make anal demands like post dated cheques. Clearly your next 2 years won't be pleasant because something has changed with her. As you say, some things are more important than money....
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autograph
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« Reply #22 on: 22 August 2006, 12:48:00 PM »
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sometimes they look at the dates but probably not all the time.  the reason I think this is because I know someone who signed his cheque M Mouse and it got cleared.........proof to me that they don't read them all (and yes, I was there when he signed it!)
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Bank President
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« Reply #23 on: 22 August 2006, 12:49:00 PM »
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"she would have a (albeit slim) claim on the bank that issued you with the cheque book"


Ha, ha, ha...  Good one. I pay off bounced checks all the time. Ha, ha, ha...

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AnnaBanana
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« Reply #24 on: 22 August 2006, 20:26:00 PM »
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NEVER give a post dated cheque.   Yes, it is illegal, but it done.  I sent a cheque to our LL postdated by a week as we were to out of Singapore. It was deposited on the date they would have received it.  Don't do it, look elsewhere.
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hard to believe
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« Reply #25 on: 22 August 2006, 21:21:00 PM »
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AnnaBanna

 Giving a post dated cheque is illegal under the law. enacted by you .But not illegal under S'pore law.

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.
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« Reply #26 on: 22 August 2006, 21:28:00 PM »
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Why on earth does anyone think that post dating a cheque is illegal?

It is simply a future undertaking to pay.  Failing to honour the scheque may constitute an offence, akin to obtaining property or services by deception.

And as for payment of cheques being guaranteed by the bank, now that is one of the best I've heard for a while.  If you want a guarantee of payment by a bank, you need either an SBLC, a bankers draft or a cashiers order.

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