Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Questions relating to check fraud.
Old 03-12-2012, 03:39 PM   #1
Thinks s/he gets paid by the post
David1961's Avatar
 
Join Date: Jul 2007
Posts: 1,074
Questions relating to check fraud.

I知 a recent victim of check fraud. Someone forged my signature on a check and was able to cash it at the bank. In talking with the bank, they have said they need to investigate it and will normally give me provisional credit within 5 working days. Has anyone had this unfortunate experience? Is that time-frame about right? Why does it take that long?
__________________

__________________
David1961 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-12-2012, 05:13 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,882
Quote:
Originally Posted by David1961 View Post
I’m a recent victim of check fraud. Someone forged my signature on a check and was able to cash it at the bank. In talking with the bank, they have said they need to investigate it and will normally give me provisional credit within 5 working days. Has anyone had this unfortunate experience? Is that time-frame about right? Why does it take that long?
Sorry to hear about your situation. It sounds like a real PITA to be a victim that way. I haven't had that experience with check fraud (though someone somehow tried to buy stuff with my credit card number before -- flagged, thankfully by my cc company).

I'm curious, did someone actually get a hand on your physical check, or did they find access by some other means?

Hope it all works out okay in the end.
__________________

__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 03-12-2012, 05:25 PM   #3
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,406
Sorry about that. Some banks are better than other when it comes to dealing with fraud, but it is incumbent on you to make sure the right steps are taken. That includes an affidavit now. A police report may give your claim greater legitimacy as viewed by the bank. See here

Quote:
National banks are generally required to reimburse customers for forged checks. However, based on individual circumstances, the bank can investigate to determine if the customer is entitled to a reimbursement.
Whether the bank is liable for the customer's loss depends on the specific circumstances of the case. Generally, a bank is liable for accepting a check that has been forged, altered, or improperly endorsed. However, if the bank can prove two things葉hat it accepted the check in good faith and exercised ordinary care and diligence in handling the transaction擁t may not be liable.
If your actions葉he way the check or checkbook was handled, issued, completed, or made payable幼ontributed to the making of the forgery, you may be at least partially liable. Generally, the bank will require you to complete an affidavit. It may also request that you file a police report.
__________________
MichaelB is offline   Reply With Quote
Old 03-13-2012, 05:56 AM   #4
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,494
Quote:
Originally Posted by David1961 View Post
I知 a recent victim of check fraud. Someone forged my signature on a check and was able to cash it at the bank. In talking with the bank, they have said they need to investigate it and will normally give me provisional credit within 5 working days. Has anyone had this unfortunate experience? Is that time-frame about right? Why does it take that long?
Sure, I used to do forged check investigations all the time (retired law enforcement).

Five days to investigate is not out of the ordinary.

What happens is they first pull the signature card that you filled out when you opened the account and simply visually compare signatures. Next, someone in their security/loss prevention office (normally terribly understaffed and overworked since it does nothing to add to the profitability of the bank) has to sit down with the video of the actual transaction - if there is any video - and see if that is you or anyone someone in the local branch may recognize.

They may ask you to view the photos/video of the transaction and see if you recognize the person conducting the transaction. You'd be astonished at how often some family member forges a relative's check when they get their grubby little mitts on one. Here's where some people run into a dilemma: If that is the case the account holder completes an "affidavit of forgery" or similar title which is simply a written statement from the account holder that the transaction was not authorized by them. Without that document the bank cannot proceed in criminal prosecution of the offender.

That means Mom may have to decide whether to send junior up the river for taking money from her to feed his crack habit. For some it's a tough decision.

Bottom line: It is almost certain that you will get your money back unless the bank can prove some type of collusion on your part with the forger. I only saw that happen once.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 03-13-2012, 08:31 AM   #5
Thinks s/he gets paid by the post
 
Join Date: May 2006
Location: Largo
Posts: 1,945
Do you know the history of the specific check? Was it stolen out of your mailbox as you were mailing a payment?
__________________
Buckeye is offline   Reply With Quote
Old 03-13-2012, 10:02 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,248
Quote:
Originally Posted by Walt34 View Post
Sure, I used to do forged check investigations all the time (retired law enforcement).

Five days to investigate is not out of the ordinary.

What happens is they first pull the signature card that you filled out when you opened the account and simply visually compare signatures. Next, someone in their security/loss prevention office (normally terribly understaffed and overworked since it does nothing to add to the profitability of the bank) has to sit down with the video of the actual transaction - if there is any video - and see if that is you or anyone someone in the local branch may recognize.

They may ask you to view the photos/video of the transaction and see if you recognize the person conducting the transaction. You'd be astonished at how often some family member forges a relative's check when they get their grubby little mitts on one. Here's where some people run into a dilemma: If that is the case the account holder completes an "affidavit of forgery" or similar title which is simply a written statement from the account holder that the transaction was not authorized by them. Without that document the bank cannot proceed in criminal prosecution of the offender.

That means Mom may have to decide whether to send junior up the river for taking money from her to feed his crack habit. For some it's a tough decision.

Bottom line: It is almost certain that you will get your money back unless the bank can prove some type of collusion on your part with the forger. I only saw that happen once.


Very good information.... and I know people who had a number of these...

One coworker had money taken from an ATM... came to find out it was her teenage son... she did not get back the money....

Another coworker had a large check cashed, but got a call about it... it did take a few days to handle.

I received a call from Telecheck saying my check bounced... I asked about it so I could call my bank and get the process started... come to find out that they forged checks on a non-existing account at a different bank!!! I did have to do the police report to handle it. I have since received another notice from them about another check written at the same time.... I tried to get in touch with someone at Telecheck, but it was SO hard to actually get to a person that I just gave up... they just want you to pay and not bother people...

Some banks will want you to change accounts if they feel like there is a potential longer term problem... that is what happened to my sister when her DH lost their checkbook...
__________________

__________________
Texas Proud is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
31 year old, married with two young kids, looking to FIRE in 5 years alexbalex Hi, I am... 52 03-19-2012 03:17 PM
Hello! Heading to the"Promise" land! GSMAN Hi, I am... 6 03-11-2012 09:03 PM
New to Forum, counting just a few more days. kelautz Hi, I am... 9 03-11-2012 05:31 PM
To achieve the most conservative/cautious estimate... WyndChym FIRECalc support 18 03-11-2012 09:57 AM

 

 
All times are GMT -6. The time now is 06:33 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.