View source for POSTULATE CHECKS

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== Definitions ==

1. the system of promoting a [[POTENTIAL|potential]] [[CUSTOMER|customer]]'s [[CHECK|check]] against his "[[POSTULATE|postulate]]" that some [[TIME|time]] in the near [[FUTURE|future]] the check will be good. And then treating this postulate check as real and valid [[INCOME|income]]. It presents a [[FALSE|false]] [[PICTURE|picture]] of the [[ACTUAL|actual]] [[SCENE|scene]]. The postulate check system is admitted nowhere in [[POLICY|policy]] as an allowable procedure. Nowhere. You concentrate on [[REAL_INCOME|real income]]; not on postulates.
''(SO ED 114 INT)''

2. a check written against non-existent or inadequate [[BANK_BALANCE|bank balance]]. A postulate check is so named because it is written on the postulate that the person will subsequently be able to obtain the [[MONEY|money]] to cover. It amounts to nothing more than a promise to pay. It is not money. A postulate check may be in the [[FORM|form]] of a [[COUNTER_CHECK|counter check]] or it may be a regular check made on the person's [[OWN|own]] check forms.
''(CO 1 US, 22 May 71)''