4 ms·
> but "deposit paycheck on same day rent is due" is a fairly common problem that people have. the person has the money to pay rent, but it might not clear befor
by notyourday 6y ago
> but "deposit paycheck on same day rent is due" is a fairly common problem that people have. the person has the money to pay rent, but it might not clear before their rent check bounces. there still exist landlords that only accept payment via check.
Two things:
1. For paper checks, this has been addressed via Check21 which took effect at the end of 2004. It enforces funds availability for even for non-local checks and/or bank drafts.
2. Writing a check against an account that does not have available funds has all the characteristics of check kiting. Check kiting is illegal.
For non-checks ACH credits settle before ACH debits or any other debit transactions.