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Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic. Create a personalised profile. Select personalised. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Future dating is the scheduling of a banking transaction to occur at dating asp later date. A payment is dating asp to credit a bankwith an agreement that the funds will not be transferred and made available to the recipient until a specified point in the future.
Future dating is done electronically, with the permission of the holder. These details give the payer the right to deposit money and nothing dating asp. Future dating is commonly used with direct deposit from the holder's employer. This practice is also frequently relied on to facilitate the payment of bills on schedule and has now become popular among government transactions as it saves both time and money for the receiving and depositing parties.
Alex has a busy month ahead of them and is worried they may forget to pay their cell phone bill by the May 15 due date. They don't want to risk paying a penalty for late payment or having their service cut off, but they are also in no position to make the transfer immediately as their currently doesn't contain sufficient funds.
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Enter future dating. Alex's bank gives them the option to arrange the payment ahead of schedule.
That means that Alex is able to set up the transfer on the first day of the month, dating asp in the knowledge that the money won't dating asp their until the date he selected—in this case May Future dating may be either recurrent or one-time. In recurrent future dating, a date for a recurring payment is set, after which the payment is always made on that day until the holder cancels or amends their instructions. This path is often taken dating asp manage repeat expensessuch as utility bills and workforce remuneration.
As the payment is programmed to recur automatically, the holder need not take any action, unless they wish to change the date of payment. One-time future dating occurs when the holder singles out a specific payment to be executed on a certain day. It may be a one-off transfer or it may be used to temporarily change the date of a recurring payment. Because the transfer is only executed once, the holder must take action to set the future date of payment.
Individual consumers and companies use future dating to control cash flow by scheduling payments to occur when sufficient funds are present in the paying. When a customer future-dates a payment, they give instructions to their bank to send the payment on a specific day. This is different from post-dating a check because there is no obligation on the part of the recipient of a post-dated check to wait to cash the check until the date arrives.
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In other words, an holder who writes a post-dated check risks having the check cashed immediately, leading to potential cash flow problems, including an overdraft if there are insufficient funds in the. Future dating solves this problem by ensuring that the payment will be electronically transferred, or a check will be drafted, only when the specified day of transfer arrives. Consumer Financial Protection Dating asp. Loan Basics. Checking s. Income Tax. Credit Cards. Banking Fraud. Your Privacy Rights.
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Popular Courses. Personal Finance Banking. What Is Future Dating? Key Takeaways Future dating is dating asp scheduling of a banking transaction to occur at a later date. An electronic payment is set up to credit dating asp bankalthough the funds will not be transferred and made available to the recipient until a specified point in the future.
This practice is commonly used to facilitate the timely payment of bills or employees of a company. There are usually set limits on how far in advance a future dated transaction can be set up. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Related Terms Postdated A postdated check or draft will display a future date on it. A check user will often write this in to specify that they do not want to withdraw the amount of the check until the date specified.
Time Draft A time draft is a form of short-term credit used for financing transactions of goods in international trade with a bank standing between the two dating asp. Understanding Checks A check is a written, dated, and ed instrument that contains an unconditional order directing a bank to pay a definite sum of money to a payee.
Read about NSF fees and how to avoid them. Checking A checking is a deposit held at a financial institution that allows deposits and withdrawals.
Checking s are very liquid and can be accessed using checks, automated teller machines, and electronic debits, among other methods. Partner Links. Related Articles. Loan Basics Banker's Acceptance Credit Cards Debit Card vs. Credit Card: What's the Difference? Investopedia is part of the Dotdash publishing family.