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When this happens, the debt is, in effect cancelled, thus the term “cancelled check”.However, the same term can also be used when you cancel a check.As such, it makes sense for a drawer to alert his or her banking institution as to the postdated checks in question to at least have greater assurance that his or her checking account will not be overdrawn.For payees given postdated checks, the acceptance of such checks should only be done after considering the problems and risks that might come along with postdated checks.

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Next, decide whether you want (or can afford) to pay the debt.If you plan to pay the debt, be sure that you are only paying what state law allows.Check your state law to determine what fee(s) (if any) collectors can add to the face value of the check.In this way, the drawer of a postdated check will be able to avoid any overdraft fees from the postdated check being drawn on a checking account without enough money in it to support payment of the check.Postdated checks are perfectly legal, as long as they are not being used for illegal purposes.Many states limit collection fees to a certain amount such as 0 or to a percentage of the face value of the check and prohibit interest charges.The FDCPA, Section 808 makes it an unfair practice to collect “any amount (including any interest, fee, charge or expense . .) unless such an amount is expressly authorized by the agreement creating the debt or permitted by State law.” Debt collectors may attempt to collect a fee or charge in addition to the debt if either: (A) the charge is expressly provided for in the contract creating the debt and the charge is not prohibited by state law, or (B) the contract is silent but the charge is otherwise expressly permitted by state law.In some instances, postdated checks will be treated as payable, regardless of their postdated status.In such instances, one's checking account might be overdrawn, as the check might be paid before the drawer was ready to have it paid.Many states do limit the amount that can be charged and, if the State does have a law, it overrules the credit contract.Cancelled Checks: When you write a check, it’s like writing a promissory note that says the funds are available and when the instrument (in this case a check) is presented to your bank, funds will be withdrawn from your account to cover the amount of the check.


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