What happens if a post-dated cheque is accepted and processed to my account before the due date?
Under CPA Rules, a post-dated cheque is not eligible for clearing and therefore should not be deposited before the due date. However, given the large volume of cheques and the degree of automated processing, some post-dated items may inadvertently slip through. Under Rule A4, Section 6(b), a payment item may be returned through the clearing by a CPA member financial institution for the reason “post-dated” up to and including the day prior to the due date. Once the due date is reached, the payment item cannot be returned for the reason “post-dated”. A customer with concerns about a post-dated cheque being processed to his or her account should raise them with his or her financial institution. If the institution is notified within the timeframe described above, the cheque can be returned through the clearing. Questions about overdrafts as a result of the early processing of post-dated items should also be addressed to the financial institution.
Related Questions
- What happens if my financial institution processes a cheque to my account even though I had placed a "stop payment" order on it?
- What happens if a post-dated cheque is accepted and processed to my account before the due date?
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