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Frequently asked questions about bank fraud

On Behalf of | Oct 17, 2019 | bank fraud | 0 comments

Whether you’re dealing with a business or personal account, bank fraud is a very real concern for many people. You probably have a lot of questions regarding the topic and getting the right answers to these questions can help you protect yourself. Accordingly, the U.S. Department of Treasury offers answers the following questions to expand your understanding of bank fraud and similar issues.

Will the bank catch signature differences on checks?

While it’s true that some bank officials are aware of their customer’s specific signatures, the large volume of checks being processed on a daily basis means that not all checks will pass through the hands of an employee. In fact, most checks will be scanned by machines that look at the routing number alone, which means forged signatures won’t be caught. You should look over your statements regularly to make sure there are no suspicious signatures.

How long do I have to alert my bank about any issues?

Keep in mind that the rules governing each bank can vary quite a bit. However, in most cases, you must alert the bank within one year if you suspect a forgery. This time period may be shorter for multiple forgeries, in which case you’ll need to alert the bank within 30 days. Check with your bank on the specific rules for reporting forgeries or possible check fraud.

Can the bank close my account for depositing a fraudulent check?

Banks are typically allowed to close accounts as they see fit. They can also withdraw funds from your account to make up for the forged or fraudulent check. In this case, your only recourse is to pursue action against the person who gave you a fraudulent check.

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