If a bank does pay a postdated check before the check’s date even though it has received proper notice from the customer, the bank is liable to the customer for any loss resulting from the bank prematurely paying the check. §§ 11-4-401, 11-4-403) West Virginia law contains several prohibitions addressing early payment of postdated checks.
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Both state and federal law contain provisions that address the cashing or depositing of postdated checks before the date appearing on the check.
The laws can vary from one state to the next, but several states have postdated check laws identical to postdated check provisions in federal law.
STATE OF MICHIGAN DEPARTMENT OF COMMERCE FINANCIAL INSTITUTIONS BUREAU IN RE: REQUEST BY OAK BROOK/CASH NOW PARTNERS d/b/a CASH CONNECTION FOR A DECLARATORY RULING ON THE APPLICABILITY OF THE REGULATORY LOAN ACT OF 1963, AS AMENDED, TO CERTAIN TRANSACTIONS. Facts Oak Brook/Cash Now Partners d/b/a Cash Connection ("Cash Connection") is a business that operates in the greater metropolitan Detroit area.
Its primary activity is cashing checks for a fee, and other ancillary services include issuance of money orders, sending and receiving Western Union money transfers, and other related services. A licensee shall not take a note or evidence of indebtedness that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of charge, ...." MCL 493.12(6); MSA 23.667(12)(6) "Sec. (1) A licensee may lend money in an amount not to exceed the regulatory loan ceiling and may contract for, compute, and receive interest charges on the loan at a rate not to exceed 22% per annum on the unpaid balance .
Debt collectors are prohibited from depositing or threatening to deposit a postdated check prior to the date on the check.