The best course of action if you're unsure about depositing a check is to examine the account balance and see if the statement is likely to bounce. A lousy bill can cost you money in bank fees, and you'll have to go through different processes to receive what you're due.
Verifying Funds: What You Need to Know
You must call the bank where the money is coming from to authenticate a check. The bank's name may be found on the check's front. To reach the bank's customer care department:
- Look out for the bank's phone number on the bank's official website.
- Don't call the phone number on the back of the cheque, either.
- Request a check verification from the customer support person. You'll find the account and routing information on the check's back.
- Provide the check amount.
Make Use of Reliable Resources
Do not rely on the bank's phone number on the check, even if it is printed next to its name and emblem. Using a phone number supplied by con artists, they may be able to fool you into thinking that the check is legitimate. Instead, you should conduct your research to get a reliable phone number.
Bank Policies May Be Difficult
Some banks make it nearly impossible to verify a cheque. They may ask you to go to a branch in-person to apply. To safeguard their clients' privacy, they may check that the account exists but not that it has any cash. 2 After that, you have to determine whether or not to deposit the cheque.
Consider the Source of the Paycheck
You may discover a lot about the sender of the check and the person who handed it to you before making any more statements. The individual who contacted you to send you the review is likely a fraudster, and the check is likely to be a counterfeit.
It's a red sign if someone claims you've won a lottery, sweepstakes, or other reward and promises to mail you a check. It's also a red flag if the individual delivering the statement to you requests you to give back a portion of it or if you must pay a fee to receive the check.
Identification of Fake Checks
Even if your bank account has sufficient cash, you may have been paid with a bogus check. Today's technology makes it simple to replicate an accurate assessment and print a fraudulent one.
Examine Each Check
Ensure the bank that issued the cheque is authentic and doesn't use a phony name for their bank. Make that the bank's phone number and address are correct if the check includes them. On the reverse of your reviews, look for security measures such as microprinting, security screens, and "original document" on the back. To avoid fraudsters, double-check the check amount since scammers typically write them for more than the intended amount Check for smudges or discoloration that suggest the check has been tampered with.
Wrong Checks Database for Businesses
As a business owner, you may consider if a customer's check is legitimate. In some cases, it may be impossible to verify clients' money as they wait in line. A check verification service is the most excellent method to protect yourself when faulty checks are widespread or expensive. Before accepting a check as payment, these services examine several databases to see if the statement is legitimate (you run the bill through a check reader or punch in the routing and account number online).
Beware of Scams to Avoid
Even though con artists are constantly inventing new schemes, there are a handful of current scams that everyone should be aware of.
Scams to Getting Rich Quick
The con artist calls the beneficiary of a cheque and claims that they have won the lottery or are entitled to an inheritance, generally from another nation. They promise to deliver the money in the form of a cashier's check, but the receiver is expected to cover the costs of the review, including any fees and taxes. They also request a wire transfer of tax and fee money, as is a deposit into their bank account.
Scams in Online Auctions
In some instances, fraudsters will use an online auction or classified advertising site to bid on an item, pay for a service in advance or even rent an apartment. Afterward, the fraudster sends a cashier's check, frequently more than the agreed-upon fee. As soon as you alert them to this, they'll ask that you return the extra money before discovering that the check is fraudulent.
Scams with Secret Shoppers
Scammers pretend to have an employment opportunity that permits individuals to work from home using secret shopper scams. The fraudster may email an employee a bonus check and ask them to pay a fee to activate the account. The scammer's goal is to receive the activation charge before the fraudulent check is bounced. Secret shopper fraudsters will also hire a person and tell them that their first task is to examine gift card merchants.
