Know most hear are too smart to fall for this, but after hearing that a friend fell prey to the scam felt the need to put the word out.
There is a scam working the Internet and in person where one is sent/given a cashiers, certifed or bank check for a large sum of money. This could be in response to an offer of employment, to purchase goods or services offered or whatever. Because banks treat said checks as cash, they are available the next business day in your account. Then the scammers direct you to somehow withdraw some or all of the funds. Story goes something like "oh I sent too much money as a payment, can you send the extra back" or some such, anything to get you to withdraw the money. Which sadly most do because they belive the check was "good" because it "cleared". Now the scam begins, because the check was no good, and you have just withdrawn the money.
It can take 5-10 business days for the check to be returned from whatever bank it was supposedly drawn on,when it does the bank will debit your account,and if the funds are not there, you are in BIG trouble. In essence the scammers have used you to kite a check, and unless you come up with the funds, you can face arrest. Your bank will likely shut your account down and report you to Chexsystems, and pretty much treat you as a criminal. It will take police reports and lots of effort to convince the bank and LE you were the victum of a scam, and you still will have to pay back the bank's money.
My poor friend is up the creek; cannot open a bank account anywhere, his former bank is making some very nasty noises making it clear they want their money NOW (it was for several thousand dollars). Meanwhile his business is pretty much shut down as he cannot take payments from customers unless they are cash or money orders.
Bottom line, if someone gives you a check of any sort for a large amount, do not assume it is good until after almost 14 business days. Better yet have your bank contact the bank the check is drawn from to see if the account is good and funds are there.
L.
There is a scam working the Internet and in person where one is sent/given a cashiers, certifed or bank check for a large sum of money. This could be in response to an offer of employment, to purchase goods or services offered or whatever. Because banks treat said checks as cash, they are available the next business day in your account. Then the scammers direct you to somehow withdraw some or all of the funds. Story goes something like "oh I sent too much money as a payment, can you send the extra back" or some such, anything to get you to withdraw the money. Which sadly most do because they belive the check was "good" because it "cleared". Now the scam begins, because the check was no good, and you have just withdrawn the money.
It can take 5-10 business days for the check to be returned from whatever bank it was supposedly drawn on,when it does the bank will debit your account,and if the funds are not there, you are in BIG trouble. In essence the scammers have used you to kite a check, and unless you come up with the funds, you can face arrest. Your bank will likely shut your account down and report you to Chexsystems, and pretty much treat you as a criminal. It will take police reports and lots of effort to convince the bank and LE you were the victum of a scam, and you still will have to pay back the bank's money.
My poor friend is up the creek; cannot open a bank account anywhere, his former bank is making some very nasty noises making it clear they want their money NOW (it was for several thousand dollars). Meanwhile his business is pretty much shut down as he cannot take payments from customers unless they are cash or money orders.
Bottom line, if someone gives you a check of any sort for a large amount, do not assume it is good until after almost 14 business days. Better yet have your bank contact the bank the check is drawn from to see if the account is good and funds are there.
L.
