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No specific country, I'm interested in hearing how ANY country's bank handles this.
While there's probably not one single rule, I've had a case where depositing a check failed (through my phone) because I deposited it a day before the date written on it (and it failed because of that).
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By: Ernest Woo LLB and Jayson Schwarz LLM Every time someone begins to negotiate a lease for a residential premise, the issue of security deposits and post-dated cheques needs to be dealt with. A deposit is usually demanded by the landlord in order to use all or part of the deposit to cover any damages to the property caused by the tenant or to cover rent should a tenant fail to make a rent payment.
Normally Post dated cheques are presented on the date of instrument and booked or accounted on the same date.
If you have a large number of PDC to manage, then it is annoying for accountant to keep track of cheques.
If the rent payments are made weekly, the deposit cannot be more than one week’s rent.
If the rent payments are monthly, the deposit cannot be more than one month’s rent.
Consumers are often unaware of their rights and obligations and so have an unequal bargaining position with a potential landlord. The legal limit for deposit and the type of deposit allowed will vary from province to province.
A tenant may also be able to get interest on the security deposit when the tenancy ends or is terminated.
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