My employer says they are charged fees when some employees get their payroll check Thursday after 3:00 pm and cash it even though it is dated for Friday. Is this valid?
It's generally the case that two businesses (the bank and your employer) can agree on whatever pricing they wish. When dealing with banking, it's typical that the bank sets the fees for services, although they may be subject to at least some negotiation.
Cashing a check a day early isn't often a service for which a bank charges an extra fee. However, there is no prohibition against setting a fee for that service.
It's also possible that the bank is charging the fee not for early cashing of the checks, but for cashing the checks for a non-depositor (the employee), even though the checks are drawn on the bank. That sort of fee has been the topic of a great deal of discussion, but at least at the federal level, it has been approved by the courts.
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It's generally the case that two businesses (the bank and your employer) can agree on whatever pricing they wish. When dealing with banking, it's typical that the bank sets the fees for services, although they may be subject to at least some negotiation.