Post dating a check
The Question: We've had a GM Master Card for 14 years and have purchased two cars with our "earnings," most recently in February. What can you tell us about the wisdom in closing this account?
The checks usually aren't cashed until the first of the month and they clear my account on the second or third. Key and my landlord both said, "Too bad," and said postdating checks is illegal, anyway. There are no Federal Reserve regulations, which cover banking, that govern the payment of post-dated checks, said spokeswoman Anne Di Teodoro.