Is postdating a check illegal in colorado

22 Dec

Cash Connection has inquired about an expansion of its personal check cashing operation to a service known as the "Payday Advance." The Payday Advance transaction, as described by Cash Connection, differs from the normal check cashing transaction in that there would be an oral agreement to hold a present-dated check for a period of up to 14 days. The check is held because the drawer has insufficient funds in his or her account on the day the check is exchanged for cash, but promises to have funds in his or her account on the agreed upon date, the customer's next payday, that the check will be presented for payment. (f)' Regulatory loan ceiling' means ,000.00." MCL 493.1; MSA 23.667(1). Postdated checks are written to be drawn from the checking account only after a certain date.In other words, postdated checks only become "functional" after the date mentioned on the checks.a check delivered now with a written date in the future, so that it cannot be cashed until that date.

This is because post-dating a check is not considered intentional fraud.Fees For Writing A Bad Check Generally, you are going to be charged a fee for writing a bad check.Most banks charge for exceeding the amount you have in your checking account.This means that the initial holder of postdated checks cannot use them until the date on the checks has come.This is not necessarily true, however, as there are some banks that will actually accept postdated checks and will deposit funds into the check holder's account in exchange for the postdated checks, even before the date of the check's date has come.If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.Any retailer that you attempt to write a check to will also add a fee of or more.Another penalty of writing a bad check to a retailer is the inability to write future checks to purchase goods from that retailer.If you receive a collection notice or call about a bad check, don’t panic!First, check to see if the Statute of Limitations has expired.