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Topic: Post Date-ed Checks?

Phil Hill
I love my cootie bug

Posts: 7595
From: Hollywood, CA USA
Registered: Mar 2000

posted 08-16-2005 01:25 AM

quote: Joe Redifer
Why not just write "dated" instead of the non-word "date-ed"?

JFC Joe, sometimes you're sooo dense! Everyone knows that "date-ed" is the freshman business college course on how to float and kite checks!

In the other colleges, it' a course of the proper etiquette of dating. You know... How many times to pay for dinner before ya get to the sex. [beer]

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Dustin Mitchell
Phenomenal Film Handler

Posts: 1865
From: Mondovi, WI, USA
Registered: Mar 2000

posted 08-16-2005 01:33 AM

quote: Gordon McLeod
As for property rent change I don't know a landlord here is more or less requried to maintain the location so if a garage burns down then it has to be replaced but its cost could reflect in a rent increase

Granted the landlord is required to maintain the property but going with the garage example during the time in which the garage was unusable the rent would have to be adjusted to reflect that.

I believe its also illegal to increase ones rent in the middle of a lease.

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Carl Martin
Phenomenal Film Handler

Posts: 1424
From: Oakland, CA, USA
Registered: Feb 2002

posted 08-16-2005 04:11 AM

just last week i wrote a post-dated check, and explained to the guy that he couldn't cash it until friday (4 days later). sure enough, thursday that check was cashed! i was lucky, though, in that another check i'd written hadn't gone through yet. i've spent the last month digging myself out of one of those snowballing-overdraft fee holes and i'm finally back in black now.

carl

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Bill Enos
Film God

Posts: 2081
From: Richmond, Virginia, USA
Registered: Apr 2000

posted 08-16-2005 07:02 AM

Speaking of overbearing bank fees, the last bank the theatre used instituted a money counting fee on cash deposits. They allowed $1000 counted free each month, after that there is a sliding fee. Since almost all our deposits are cash, it increases rapidly. The fee was nearly $200 in the only month that bank was used after the fee started.

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Matt Fields
Jedi Master Film Handler

Posts: 545
From: Ohio, United States
Registered: Jun 2005

posted 08-16-2005 09:13 AM

I was talking to the president of the local bank here about credit unions and his main gripe with them was they did not have to pay income tax on their profits likes banks do.

No wonder they can have lower fees, thats a huge competitive advantage over a regular bank.

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Mark Gulbrandsen
Resident Trollmaster

Posts: 16657
From: Music City
Registered: Jun 99

posted 08-16-2005 01:10 PM

quote: Matt Fields
and his main gripe with them was they did not have to pay income tax on their profits likes banks do.

Well, in theory Credit Unions are supposed to be non-profit organizations so they wouldn't have to pay taxes..... but they obviously do make some profit since they do open new branches now and then..... at least around here my Credit UNion (America First) has at least 15 branches(some in food stores) and one in Mesquite, NV as well. The funny thng about America First is they actually make a yearly donation to Utah schools that amounts to what their taxes would be for any given year..... so they are surely making money in order to do that or perhaps they are giving the $$ away so technically they stay non profit... doesn't bother me though and it kind of sticks it to the local banks at the same time since the other local banks don't donate that amount of money every year!!

Mark

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Matt Fields
Jedi Master Film Handler

Posts: 545
From: Ohio, United States
Registered: Jun 2005

posted 08-16-2005 04:24 PM

Mark-
Why the animosity towards banks? They are an essential part of our economy and business. A mentor of mine who helped me get in business for myself once told me this: Being in business is simply the ability to borrow money.

Banks (and credit unions) may make big money, but that's because they provide a big service to all of us.

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Mitchell Dvoskin
Phenomenal Film Handler

Posts: 1869
From: West Milford, NJ, USA
Registered: Jan 2001

posted 08-17-2005 08:43 AM

Credit Unions are owned by there depositors. The upper management of credit unions, while paid, are elected into their jobs by the depositors, and have to stand election every year.

Credit Unions do not have to pay dividends to outside investors, so that money goes to lower fees.

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Mark Gulbrandsen
Resident Trollmaster

Posts: 16657
From: Music City
Registered: Jun 99

posted 08-17-2005 07:02 PM

quote: Matt Fields
Why the animosity towards banks?

Because all the banks I've had experience at(some very big ones included) put themselves before the customer. Credit Unions, at least mine, seem to put the customer before themselves. Thats the same way I do buisness and the best philosophy to running a buisness in my experience. Not only does it build a strong customer base(and very quickly too)it also makes you alot of money....which is the main reason to be in buisness in the first place.

quote: Matt Fields
Being in business is simply the ability to borrow money.

I think your friend is putting the bank way before the customer... he ought to get his head examined! A buisness thats run properly and built up in a strong fashion doesn't need to borrow money. Borrowing money costs money and your bank will in all likelyhood make more than you on a loan.

So yes, Credit Unions as Mitchell and others pointed out provide a clear(and legal) advantage over banks. In the long run there is probably very little that banks will be able to do about them except spend their profits and yours towards an endless fight with Credit Unions.

America First Credit Union

Could the economy get along without banks.... absolutely! Banks control the economy while Credit Unions help boost the economy.... to you which one is better? If Credit Unions replaced Banks tommrrow in a short time we'd have a much stronger economy because Credit Union members and Buisness members pay much lower fees and have more money to spend and job employment numbers would go up as a result [thumbsup]

.

Mark

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Leo Enticknap
Film God

Posts: 7474
From: Loma Linda, CA
Registered: Jul 2000

posted 08-18-2005 04:22 AM

Cheques have virtually disappeared as a way of paying for things here, so much so that a recent BBC Online story reports a bank spokesman's belief that they'll have disappeared completely by 2025. There are three electronic options for transferring money out of your current account to someone else: debit card, direct debit and standing order.

A debit card is just like a credit card (most are Visa) only the money is taken directly from your bank account there and then, rather than added to a credit account which is paid off at the end of the month. I don't know if these are used much outside Britain, but for non-regular and/or electronic payments these have virtually taken over from cheques here.

Direct debits and standing orders are issued by you to your bank authorising a specified third party to take money directly from your account. The difference is that a standing order allows you to specify the amount and frequency, whereas a direct debit allows the third party to take what (s)he likes when (s)he likes. For example, I have a standing order which transfers my rent from my account to my landlord's: this is on the same day each month and is a sum I determine. When the landlord raises my rent, he tells me and I tell the bank; ditto if he decides that he wants the rent on another day. Utility companies are very keen for people to use direct debit, as they can help themselves to however much your gas bill is electronically without any human being being involved in the process. So their processing costs are much lower than with cheque or one-off debit card payments. Personally I don't like DDs, because I've heard lots of horror stories about payment errors followed by a nightmare trying to get your money back. Basically, when these big corporations have got some of your money they shouldn't have, you've got the problem getting it back again. For that reason I pay for virtually everything by one-off card payments and standing orders, because with both of those methods, you're in complete control of how much you're paying and when you're paying it. I probably only write 3 or 4 cheques a year now, if that.

I don't know if it's the law or just standard banking practice, but post-dated cheques can't be cashed until the date on the cheque.

The nearest thing we have to credit unions are organisations called building societies, which accept cash deposits from savers and then lend the money to homeowners as mortgages. They are 'societies' in that a saver or lender is considered to be a 'member', and can vote at the Annual General Meeting as a shareholder in a bank can. The organisation doesn't pay dividends to shareholders, and can therefore offer better interest rates than a bank can. However, its capitalisation is limited by the amount of deposits it holds, and for that reason a number of building societies 'demutualised' into banks in the mid-90s, so they could attract other investment. Some of the remaining building societies then started offering other services, e.g. current accounts, in an attempt to compete; with the result that there's very little practical difference between the two, now. The only real difference I can see is that building societies tend to offer slightly better savings rates but not as many features on current accounts (e.g. no internet banking facility, ATM card can only be used in a very few machines without charge).

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Scott Norwood
Film God

Posts: 8146
From: Boston, MA. USA (1774.21 miles northeast of Dallas)
Registered: Jun 99

posted 08-18-2005 07:51 AM

Debit cards are increasing in popularity in the US, although they do not have the $50 maximum liability for fraudulant use like credit cards do. This makes carrying around a debit card roughly analogous to carrying around a checkbook full of blank, signed checks. Some banks offer their own liability limits, but they are not required to do so by law (as are credit card issuers).

I have never written a check to a retail establishment; I always pay cash for small purchases (under ~$200) and use a credit card for greater expenses (e.g. car repairs, etc.) and telephone/mail/online purchases. I reserve checks for mail payments (telephone bill, electric bill, parking tickets, etc.).

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Matt Fields
Jedi Master Film Handler

Posts: 545
From: Ohio, United States
Registered: Jun 2005

posted 08-18-2005 08:59 AM

quote: Mark Gulbrandsen
I think your friend is putting the bank way before the customer... he ought to get his head examined! A buisness thats run properly and built up in a strong fashion doesn't need to borrow money. Borrowing money costs money and your bank will in all likelyhood make more than you on a loan.

Mark-

Haven't you ever heard of a mortage? Who just has cash lying around for real estate? Take the theatre business, for example. I'm not saying its wise to borrow money to buy popcorn with or to pay your payroll. But it is certainly good business to borrow money to buy the building or update the equipment, especially at todays low rates (even though I realize they are going up). Borrowing money, if done properly, is just another tool for the business owner.

What my friend meant was, once your able to borrow money to buy the theatre, or equipment, or whatever, you're in business. He didn't mean you would stay in business or have good customer service.

And if the rate is low enough, like most of todays mortage rates, it makes perfect sense to borrow (or rent) the money, make your monthly payment, and then invest the money you already have. If you borrow for 6 percent and get 8 or 10 for your investments, your ahead.

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David Stambaugh
Film God

Posts: 4021
From: Eugene, Oregon
Registered: Jan 2002

posted 08-18-2005 11:44 AM

Debit cards rock, but I find that I have to be careful about keeping track of expenditures that I use the card for. I also keep more money in my account now than I used to, to cover the increasing number of debit card transactions. And I balance my account to the penny every month. [Big Grin]

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Leo Enticknap
Film God

Posts: 7474
From: Loma Linda, CA
Registered: Jul 2000

posted 08-18-2005 12:45 PM

quote: Scott Norwood
This makes carrying around a debit card roughly analogous to carrying around a checkbook full of blank, signed checks.

Granted: but the alternative is carrying around a significant amount of cash, which I'd say is the riskier option when walking around a typical English town or city. As electronic payments have become more commonplace, so has identity fraud, but this is now starting to be tackled. The 'Chip and PIN' system is now replacing signatures on a chit for validating card (both credit and debit) payments in retail establishments. So if a payment card is stolen, the thief can only attempt to use it for an online or 'phone payment. Following reports that organised criminals are going through refuse sacks for documents containing card data, I always put my card receipts through a shredder immediately after entering the details into my personal finance software. Judging by the fact that you can't go into any stationery shop or supermarket without seeing bazillions of shredders on sale, I'd guess that the public is getting more careful.

quote: Scott Norwood
Debit cards are increasing in popularity in the US, although they do not have the $50 maximum liability for fraudulant use like credit cards do.

There are various fraud protection options available on both credit and debit cards here, and that's something to check out before getting one. My liability is limited to £50 on all my cards. which is pretty much the standard, so it's in the banks' and credit providers' interest to try and keep electronic fraud under control. As against which, if you habitually carry a three-figure sum in cash around and your wallet gets stolen, you've lost the lot. Since debit cards became widespread I can't ever remember carrying more than around £20 in cash with me, except for one or two unusual occasions when I know I'm not going to be near an ATM for a while and might need to make payments where cards aren't accepted.

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Mike Blakesley
Film God

Posts: 12767
From: Forsyth, Montana
Registered: Jun 99

posted 08-18-2005 02:49 PM

quote: Matt Fields
Borrowing money, if done properly, is just another tool for the business owner.

Right. "Having money" and "Having the ABILITY to have money" are equally valuable in business.

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