To illustrate, an accounting clerk receives a ,000 post-dated check negotiable in one week.
A post-dated is a negotiable instrument that allows a party to a contract (for example, a customer or borrower) to indicate to the other party (supplier or lender) its promise to pay at a given date.
If you cancel a cheque due to reasons of theft or fraud you may well find that the sum is temporarily blocked in your account whilst the position is verified, in order to protect the interests of the beneficiary.
The law forbids payment by cash of goods or services for a sum in excess of €3,000.
Within certain limits banks are free to charge their own fees for unpaid cheques.
The law limits to €30 the fee for an unpaid cheque under €50 and a limit of €50 is set for an unpaid cheque over €50.