If a loan is secured by a fully paid educational plan, are you required to post postdated checks?
Answers:
Most Student Loan plans have verbage in their repayment plan that prohibit post-dated checks and is the same if true for most loans, if you send a check to a bank or other institution of payment on a loan, you are certifying that there are collected funds in the account that will result in the check being paid.
If you present a post-dated check, not only are they not liable and you are for any fees and penalties, they can pursue legal fraud action against you.
It is YOUR responsibility, not the Bank's, to ensure that there are sufficient funds in the account for a check to clear; if not, you could be charge with a criminal offense of fraud and not only be liable for civil penalties, but criminal proceeding be pursued by the D.A.
The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.