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Home >> Scams/Fraud
Protecting Myself from Fraud
I received an "official check" and deposited it into my savings account a week ago. I have not touched a cent of it yet. If this "official check" turns out to be bogus, how soon/long will it take for my bank and eventually me to find that out? If after a certain amount of business days have past, will it be safe for me to spend this money with out the threat of the funds being taken out?
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This is an excellent question and if you were not expecting the "official check" it is certainly warranted. There are many scams out there where something is purchased and the buyer over-pays the seller for it. Then they ask that you wire or Western Union them the excess funds. In some cases you may be told you won a lottery that you never entered and they want money from you before that check can be paid.
The old adage "there is no such thing as a free lunch" is true today. When you deposit a check into your account, your bank will tell you when the funds will be available, but do not confuse this with meaning that the check you deposited is good. Banks follow availability schedules which means that in most cases a check will clear within this time, or close to it, but that doesn't always work, especially with international items. These things do not all happen electronically or in milliseconds. The actual check may have to travel to Africa for example, for a person there to look at it and proclaim that it is a fraudulent check. They then return it to your bank where your deposit will be reversed. If you spent any of that money, it will be your loss. The only way to know for sure is to contact the bank that is paying the check and ask them if it has cleared. Do not contact them at the number on the check. Criminals change those so if you call to verify it, they'll answer the phone and tell you it is good. Have your bank or a directory service provide you with their telephone number.
For more information on scams and frauds, look at our Scams/Frauds page and sample letters thousands of us have received which are from criminals wanting our money and our bank account information.
Published on BankingQuestions.com 10/05/06
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