Friday, February 26, 2010

Is it possible to deposit a check, and for the check to clear....and to find out later that it is fraudulent?

I am dealing with someone on craigslist who lives far away and dont want to be scammed or ripped off if it turns out that the check clears but later doesnt go through.Is it possible to deposit a check, and for the check to clear....and to find out later that it is fraudulent?
Checks don't actually clear. And YES, a check that was paid CAN be charged back if it was fraudulent.


Craigslist specifically advises people to conduct transactions IN PERSON.Is it possible to deposit a check, and for the check to clear....and to find out later that it is fraudulent?
Yes it is. Your bank will release the funds and allow you to access them within three days or so, but if the check is later found to be fraudulent, they will want their money back.





I'd talk to your bank about how long it takes for a check to truly clear the system. They may be able to call the other bank and verify that it is a real account.
Yes, it is. Wait at least 10 business days after depositing the check before you assume it's good.
Yes, sounds like you have been had.

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