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Home >> Scams/Fraud
Fraudulent Check Problems: What to do?
Please help me! I went to my bank with a check in the amount of $4996.00 and asked them if it was good. They supposedly verified the check and put the money in my account to use for the purpose for which it was sent to me. I relied on the bank's expertise to tell me whether or not I could use this check. The bank assured me it was good. I used the money for the company that sent it and a few days later noticed it was charged back to my account. Now, I am to pay for this check that turned out to be fraudulent.
I feel the bank should have put a hold on this amount of money before allowing me to use the funds. I trusted them to tell me if this was indeed a good check. I have no idea how I will come up with these funds. Had I known it was no good, I would not have done what these ignorant scammers asked me to do. I benefited in no way from this money and wonder what the laws state on this matter and if you can tell me how to get help.
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 Why should the bank lose the money? It does sound as though there was miscommunication or different terms being used, but essentially, your bank trusted the check you deposited with them.
Most people are upset because a bank held money until a check cleared, but the truth of the matter is, holds are often required to drop off an account before a check really has time to get to the paying bank, and be returned. Your bank didn't have many options. They perhaps could have advised you that the hold would fall before they would actually know if the check was good. Or they could have recommended you send it for collection, so you'd know without a doubt that the check was good.
Although it is of little consolation, you are not the first, nor the last to fall for this, but in the end, it really isn't the bank's fault. You asked them to take the deposit. You then took the funds. You were scammed. You should report it to the police and present that to the bank's security officer. At best you may be able to request a loan from the bank and repay them that way, but they'll want their money back, and you are the one who collected it from them.
Published on BankingQuestions.com 2/19/09
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