Post dated cheque information

[manojsingh]

Is there any way we can get this information from bank that this cheque will not bounce. I always receive post dated cheque from my tenants and one two bounce each month and i get this information after one week. Is there any way to minimise this time lag.Thanks in advance

 

[westboundventures]

QUOTE (manojsingh @ Nov 18 2009, 09:34 PM) Is there any way we can get this information from bank that this cheque will not bounce. I always receive post dated cheque from my tenants and one two bounce each month and i get this information after one week. Is there any way to minimise this time lag.Thanks in advance

If you have an account at the same bank as the tenant`s account where the cheque is written from, you can find out right away by visiting that bank. I have successfully done this before.

When you get to the teller, you tell them that you want the cheque cleared immediately. Remind them that the cheque comes from an account at the same branch, and they should be able to check on the spot if the tenant`s account has enough funds to honour the cheque immediately. They may need to check with a manager to approval before doing this for you, but it is possible.

 

[housedoc]

QUOTE (manojsingh @ Nov 19 2009, 12:34 AM) Is there any way we can get this information from bank that this cheque will not bounce.

Post-dated? Impossible!
Sufficient funds today does not equal sufficient funds next week.

 

[TodorYordanov]

Perhaps set up an automated email reminder to go out to all of your tenants with postdated cheques, reminding them that their cheques are going to be deposited and become due in 2-3 days (whatever the case). Sometimes people just forget.

 

[Nir]

QUOTE (manojsingh @ Nov 18 2009, 11:34 PM) Is there any way we can get this information from bank that this cheque will not bounce. I always receive post dated cheque from my tenants and one two bounce each month and i get this information after one week. Is there any way to minimise this time lag.Thanks in advance

I have a surprise for you: you`re probably wasting your time. How many tenants are you evicting a year due to non payment?
You see if a tenant is not evicted because eventually he paid later/late, then resolving the issue 1 week earlier does not save you anything!
(well maybe 25 cents interest on $1000/wk). A tenant not paying on time is a problem, not knowing about it for 3 days is not. Cheers.

 

[westboundventures]

QUOTE (investmart @ Nov 19 2009, 08:29 PM) I have a surprise for you: you`re probably wasting your time. How many tenants are you evicting a year due to non payment?
You see if a tenant is not evicted because eventually he paid later/late, then resolving the issue 1 week earlier does not save you anything!
(well maybe 25 cents interest on $1000/wk). A tenant not paying on time is a problem, not knowing about it for 3 days is not. Cheers.

I`m don`t know the rules in Ontario, so I can`t comment on this, but I do know that it would make a difference in BC and allow you to begin the eviction process faster in the case the tenant does not redeem himself and the proper forms are served immediately.

Housedoc - you are correct that funds in the account today doesn`t guarantee they will be there in the future. I should have been more specific and said that you need to go to the bank that issued the cheque on the day the cheque is dated for. That way you can find out right away if the cheque is bad instead of waiting a week to see that it has bounced. Whether this is a good use of your time is debateable.