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The commonwealth-trained (and more prudent) approach would be to insert the date only when the last party has signed and to use a date no earler than the date of that last signature.
This should cover the majority of cases that come across corporate counsel’s desk.
She says that many people who end up falling into predatory lending traps like payday loans have also used postdated checks to try to stave off debt collectors.
Instead, consumers could seek alternative measures such as a small-dollar loans from a credit union or community bank, inquire about a pay advance from their employer or work out a payment plan with the company or individual they are paying.
It would not be uncommon for there to be a lapse of days or even weeks between the time commercial terms are agreed and the date of final contract execution.
Even for a simple document such as a Non-Disclosure Agreement (or Confidentiality Agreement), the parties may legitimately want the document to take effect from an earlier date.
Additionally, the only time a bank can be held liable for processing a postdated check before the indicated date is if that notice is still valid.
In which case, the CFPB says the institution may may be on the hook to cover damages such as the cost of overdrafts and other fees.
This is because documents take time to draft, negotiate and execute.That’s because once a check is signed it becomes legal tender, and, according to the Consumer Financial Protection Bureau, banks and credit unions can generally use their own discretion when deciding when to process a check – all without regard to the check’s printed date.The only way to possibly prevent a postdated check from being processed early is to let everyone involved know in advance — and in a format that goes beyond just postdating the check.Of course, even this preventative measure isn’t foolproof, as rules governing banks vary from state to state depending on the two types of notification given, the CFPB says.In notice about a postdated check before the check is received, then the notice is valid for up to six months.