It’s just common sense: If you deposit a check and the funds become available, that means the check was good … right? Actually, it can take weeks before a check is truly “cleared.” “Cleared” means that the issuing bank has verified the check as legitimate and has paid the depository bank. If it turns out the check was fake and you already spent the money, it can really put you in hot water. To protect yourself from a situation like this, let’s go over some common check scams and tips on avoiding them.
Fake check scams can take many forms. But no matter the scam, once the check is found to be fraudulent, you could be held liable. So watch out for these common scams:
Check scams can be difficult to detect since fake checks usually look just like the real thing, even to professional bankers. So how do you avoid check scams?
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.