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  1. #1
    Join Date
    Aug 2007
    Location
    Clinton, Missouri, United States
    Posts
    24

    Default Loan Company Deposited Three Post-Dated Checks, Which The Bank Cashed

    Hi I am in desperate need for advice.
    I have a loan through citifinancial since March and have paid on time since it was opened. but this past month I got behind not even 15 days heck the day after the due date they were calling me. Anyways so to prevent myself from having this problem again I went to my bank and got 3 checks one for the past due 08-02-2007) but I dated this one for the 21st of August and the other two I dated for the next two payment dates ( 09-02-2007 and 10-02-2007) in the memo I wrote loan pymnt. Tonite I checked my bank acct online and seen a negative 500.00 all three of the checks have been deposited. Well I had the money in there for the past due but not the ther two checks now I have all sorts of overdraft charges and I have my cell phone pymnt coming out which should hit my acct in the morning. The bank has it that they were cashed on the 22nd but I check my acct everyday and none of them were posted and I checked it after 12:30 am on the 23rd and nothning was posted . What the heck.... do I do. Is there anything I can do?
    Why would my bank cash checks when there was no enough money in the acct to cash all of them checks dont banks have some way of knowing this. I have 5 kids a vehicle pymnt and house pymnt and now this.
    Anyone advice please, Im desperate. Is there anything I can do?What do I say to the bank???? I can afford this. Heck I can barely afford to feed my kids and pay for gas to go back and forth to work. I cant believe they can do something like this and get away with it.
    Any advice would be greatly appreciated.

    Oh by the way my name is Stephanie sorry Im just disturbed at the moment.

  2. #2
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,094

    Default Re: help need advice plz...3 post dated checks creditor deposited and bank cashed

    Have you discussed this with your bank manager? You made a mistake by submitting the checks to Citifinancial before they were due.

    No. Banks don't hold a check until the due date on it before they submit it for deposit. Your responsibilty is to pay the loan on time.

    This mistake is going to cost you and you need to make an effort to have your bank help you with overdraft protection or a loan to cover the cost of the advanced payments you made on your loan to Citifinancial. Your bank may work with you to extend your credit and waive some of the overdraft charges. But I suggest you go talk to your bank manager today.

  3. #3
    Join Date
    Aug 2007
    Location
    Clinton, Missouri, United States
    Posts
    24

    Default Re: Loan Company Deposited Three Post-Dated Checks, Which The Bank Cashed

    I talked to the banker and they are going to help me since Ive been a long standing customer....thank GOD.
    I just wanted to say to the previous poster. Thank you for your advice however,I realize the Bank does not hold checks. I didnt give it to the bank to hold, I gave it to citi to hold until the pymnt was due.
    This was an agreement between both citi and myself. Not in writing just good faith. Lesson learned.
    Although I would feel much better calling them up and giving them a piece of my mind... I think the wiser thing to do is to not let them no their practices interupted my life at all.

    Thank you for your time
    Stephanie

  4. #4
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,094

    Default Re: Loan Company Deposited Three Post-Dated Checks, Which The Bank Cashed

    Quote Quoting stephanie1974
    View Post
    I talked to the banker and they are going to help me since Ive been a long standing customer....thank GOD.
    I just wanted to say to the previous poster. Thank you for your advice however,I realize the Bank does not hold checks. I didnt give it to the bank to hold, I gave it to citi to hold until the pymnt was due.
    This was an agreement between both citi and myself. Not in writing just good faith. Lesson learned.
    Although I would feel much better calling them up and giving them a piece of my mind... I think the wiser thing to do is to not let them no their practices interupted my life at all.

    Thank you for your time
    Stephanie
    Stephanie, I did say bank, meaning Citifinancial bank to whom you sent the checks. The checks go to anyone of a number of persons who simply register the account with receiving payment. The electronic system doesn't require an inspection of the check, verifying signiture, or noticing that you are making three payments on the account with post dated checks.

    Unfortunately, some lenders will penalize you for making early payments (in order to reduce your interest).

    I am really glad to hear that your Bank is going to help you with this.

  5. #5
    Join Date
    Aug 2007
    Location
    Clinton, Missouri, United States
    Posts
    24

    Default Re: Loan Company Deposited Three Post-Dated Checks, Which The Bank Cashed

    Im wondering if its legal for citi to have cashed the checks in the 1st place? Knowing that they were post dated for the next two pymnts.
    I have read that it is and then I have read that it isnt legal.
    Example http://www.lawmo.org/law_fdc.htm
    here it clearly states that cashing a post dated check is illegal. But does this apply to anyone or just collection agencies?
    I have spoke with my bank and she is very helpful but she could not answer this question for me.

    Thank you
    Stephanie

  6. #6
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,094

    Default Re: Loan Company Deposited Three Post-Dated Checks, Which The Bank Cashed

    No. It is not illegal for them to cash your postdated checks. Unethical after you contacted them to make that arrangement, but not illegal.

    Without a letter to confirm that you requested them to hold the postdated checks you have no proof.

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