Collector Post Dated Check For Earnest Money
Description
How to fill out Notice To Debt Collector - Depositing A Postdated Check Prior To The Date On The Check?
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FAQ
The check itself should be made out to the name of the Escrow Company. The amount of earnest money is identified on line 11 of the Purchase Contract. You can use a personal check. It's a good idea to put the property address in the note section of the check.
Most importantly, in the ?note? section at the bottom left corner of the check, write ?Earnest Money? or ?EM? and the address of the property you are buying. Please get at least a copy of your check (dated and with a signature of who received it) when you drop off your check.
No, a post-dated check is illegal tender in the state of California and may result in the mischaracterization of the form of earnest deposit money made by the buyer. No, California law has held that post-dated checks are the equivalent of a promissory note and are non-negotiable.
The FDCPA says that it's illegal for a debt collector to take a check that is postdated by more than five days, unless the consumer is notified in writing of the debt collector's intent to deposit the check between 10 and three days prior to the deposit.
Yes. Banks are permitted to pay checks even though payment occurs prior to the date of the check. A check is payable upon demand unless you submit a formal post-dating notice with your bank, possibly for a fee. Contact your bank about how to provide such notice.