How Do You Secure Deferred Postdated Checks For Loan Payments?
Many lenders accept postdated checks from their loan customers. Postdated checks always have a date for some time in the future. Lenders will hold on to the check until the date on the check before they will take it to the bank. Lenders usually have some type of storage process which enables them to keep the postdated checks in a safe place until the date on the check is current. This process helps to make sure no unauthorized individual is able to access or steal the checks while in possession of the lender. Find a storage place for all checks received. Many lenders will designate a specific location to keep all postdated checks. Some lenders will use a fireproof safe box to keep checks in while others will lock all checks in a desk drawer. The manager or supervisor will usually have the key to the lock. Checks can also be kept in an accordion file by day and locked up at night. Check the postdated check file each day. The check file should be reviewed daily to see if any checks need
