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Post-dated cheques are common and enforceable. [9] 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.
If you need more time to pay, there are a few things you can try in place of a postdated check. First, you could ask the person or entity that you owe money to for more time to pay.
A banker's acceptance starts with a deposit in the amount of the future payment plus fees. A time draft to be drawn on the deposit is issued for the payment at a future date, analogous to a post-dated check. The bank accepts (guarantees) the obligation to pay the holder of the draft, analogous to a cashier's check.
Cheques were widely used in the retail market, between persons, and for other payments. The law rules that payments in cash cannot exceed 6,000 NIS, so cheque payment is a legal term when that maximum is reached. It was possible to pay at the cash desk at the supermarket or shop by cheque or issue a check for annual school payments for a child.
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How a returned payment can impact your credit . Your payment history is a big part of your credit score (accounting for 35 percent of the score), and making payments on time helps build up your score.
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It takes up to five business days for a scheduled bill payment to reach the payee. Keep in mind that adding a couple of extra days of padding would be a good idea for recurring payments, in case ...