Another reason to hate banks
Currently my girlfriend provides the post-dated cheques for the landlord. The landlord put the cheques into an account that is supposed to deposit them on the dates they’re post-dated for. Both use BMO.
Mysteriously this month’s cheque didn’t seem to get deposited. Upon investigation, the landlord noticed that the funds actually came through October 19th, and my girlfriend discovered the funds left her account October 11. For November 1st’s rent.
So my girlfriend called the bank to complain and was told:
1. the landlord should complain because he’s paying a fee for that service
2. cheques are technically valid SIX MONTHS PRIOR TO THEIR POST-DATES
This is so, pardon my French, completely fucked up, on so many levels. What the hell is the point and meaning of post-dating a cheque? Should everyone now be post-dating their cheques six months behind the intended date?
This sounds like a policy solely designed to suck NSF fees out of clients. I wonder what the legality of it is.