Hmmm... I'd wait a few weeks before cashing it.

As for the person who wrote your check, you might want to ask why you need to wait several weeks. If they don't give you an answer, that would probably make me want to look further into this person.

Maybe you should just tell the guy who owes you money that it's no big deal and to not stress about it. He probably wrote the check to make you feel as though you are getting the money soon. Just tell him to relax - he's probably stressing a lot about it.
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I worked at a bank for 8 years. A lot of questions came up about post dating a check. If a check is dated for a future date, it is not supposed to be cashed until that business day. But if the teller doesn't notice the date, it can be cashed or deposited as normal. When a check it written, it is supposed to be backed with the available funds, post dating is not a great idea. You are not legally bound to hold your friends check until they say you can cash it, but if the funds aren't behind it, you may be charged by your bank for depositing a check that isn't good.
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I'm not a lawyer, but I watch a lot of Judge Judy...

A check is a contract to give a person a specific amount of money. If you put a stop-payment, you are illegally breaking the contract because there was no "meeting of the minds" to do so. There needs to be a "meeting of the minds" to create or alter a contract. And, altering a written contract can only be done with another written contract (meaning, you cannot alter a written contract with a verbal contract).

Also, if there is insufficient funds in the account, that would be called "fraud".

Just having a check isn't a "sure thing". No matter what, you might have to go to small claims court.
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I check is a contract as far as it is one person saying they've got the money in this account, and you saying, I'll accept that as payment (or vise versa.)

Once you cash the check, you can receive the actual bills and/or coins.

Since this person does not have the funds in their account, they have given you a bad check, which is technically illegal, though not uncommon.

If you were to cash it, they would be charged a fee. Also, you might be charged a fee. (We cashed a bad check once, and we got charged for it.) However, if you do get a fee for cashing a bad check, call your bank and ask them to waive it.

It seems like the person that gave you this check is going through hard times financial. If you can go without being paid do. On the other hand, if you need the money and/or you simply want it (it's rightfully yours anyway), tell him that you can hold off until 'x' date and then you are cashing it. Don't give him the option to choose the date, and don't back down from the date you have chosen.

A written check, should- normally, offer you peace of mind, but under these conditions I'd say that's not likely.
Source(s):
http://chestofbooks.com/finance/banking/Elementary-Banking-AIB/What-Is-A-Ch...

http://www.ckfraud.org/penalties.html

http://www.returnedcheckrecoveryservice.com/badcheck.jpg

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A check is a contract. It's kind of like you're agreeing to whatever he gives you. The best thing to do is to give the check back and politely tell the person why the amount of money is unacceptable.
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A check is not a contract. But a check can be an essential part of a legitimate express or implied contract, or a quasi-contract. The difference is such:
1. An express contract is written up and stated directly.
2. An implied contract is where parties behave by conduct that a contract exists (possibly your situation).
3. A quasi-contract is NOT a contract but it is a way to avoid unjust enrichment from one party to another.

To have a contract you must have promise or a set of promises, for breach of which the law gives a remedy, or the performance of which the law in some recognizes as a duty. To create a contract you must have three things:
1. mutual assent (or an offer made by one party and accepted by the other)
2. consideration (something of value given and exchanged by both sides)
3. no defenses to formation (no fraud, issues with illegality, or other deterrents)

That check that you are holding is not technically valid yet--if you agreed, for example, to cash it June 12th, should you cash it earlier, you would be in violation of terms (in breach of contract).

The fact that wrote the check now gives you some proof and evidence to bring suit against your friend should he default down the line--that is your safety net in case something goes wrong. You may not prove that a contract existed, but you would be able to show that your friend was supposed to give you money but reneged on the deal.

Should you get nothing, consider small claims.

Dimitry Alexander Kaplun, Esq.
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Good faith is a mental and moral state of honesty. The presumption when a person writes a check, is there is sufficient funds to complete the bank to bank accounting transaction. Party A accepts the check from Party B with the presumption that Party B is honest and has every intent on paying the bill.

The check by itself does not constitute a contract. A check is a transactional device and terms of the purchase are not enumerated.

A check is not secure debt with collateral and consideration is not required. A collection agency can buy the debt and attempt to pursue with legal penalities. A fee is attached to the original debt as a collection service charge.

It is illegal to write a check without sufficient funds. The crime is theft and fraud. In some states writing a bad check with the intent to defraud is a felony. The seriousness depends on the amount of the check, usually a check for more than $250.

Quote
The elements of the criminal offense of Deposit Account Fraud (Bad Check) are contained in your State's Criminal Code of Laws

Prosecution should be done in the county that the check originated.

The check must be deposited within 30 days of date delivered.
Source(s):
http://en.wikipedia.org/wiki/Good_faith

http://wiki.answers.com/Q/Is_it_legal_to_cash_the_good_faith_check_before_t...

http://www.ckfraud.org/penalties.html

http://www.ckfraud.org/faq.html#1

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A check is not a contract. It is a form of payment.

There are many myths about using a check as anything other than just plain transfer of funds. These are all false:

1. Post-dating to delay payment. Once the check is signed, you can legally walk into the issuing bank and demand funds. The date does not matter, unless it is so old as to be legitimately stale-dated (where the expiry is printed on the check). Too many people make mistakes, or purposely alter the date in order to perpetrate fraud or delay payment of bills. (http://www.helpwithmybank.gov/faqs/banking_check_cashing.html)

2. Writing "Paid in Full". The bill collector, creditor, vendor demands $500 and you give him a check for $250 with "Paid In Full" printed on it. The check is cashed and you claim to owe nothing further. Think again. This would only work if you have written dispute over the bill and indicated you would be sending full payment in the smaller amount, AND you send the check to that same _individual_, AND that individual processes the check for payment. So, with a one-man business, this scam may work. Except for the fact that the debtor can realize the scam and repay the exact amount of the "Paid In Full" check, usually withing 90 days, and keep full claim to the debt.
(http://www.winstonandwinston.com/art%2016%20paid%20in%20full%20checks.htm)

3. Claiming goods or services in the memo/notes section. Nobody reads those...it's for reference only. So, when I write, "Sex on Friday"...your wife/girlfriend has absolutely no legal obligations. None. You can't make her. Never works. No matter how many times I try.

#3 is probably not a common problem in most businesses. #1 and #2 happen often with people who do not have honest intentions of paying for the goods/services.

Suffice it to say, if you have a post-dated check, and you are not on intimate terms, you face high risk of non-payment. That's also called fraud.

Doesn't matter that the maker of the check had good intentions to raise funds, or was applying for credit somewhere else to cover his debt to you. At the time of presentation, there was no money or ability to pay.

Post-dating is for honest people who trust each other, as a matter of convenience. I'd trust my mother with it. Barely.

Stay away from politicians with post-dated checks. Or worse, just a promise. Most of them will lose (you can only have one winner). They will run out of funds. You will never get all of your money. Often, nothing at all, since the order may have come from a promotion organization, not the indiviual.
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No a check is not a contract.

People do not give other people checks for no reason. The reason he has given you a check is in exchange for you performing your part of an agreement (contract).

When and if you can legally cash that check is determined by the terms of your agreement and whether or not you have satisfactory completed your part of the agreement.

You have not stated the terms of your agreement, so we do not know if you can cash the check.
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