Is the Check Good?

When a bank teller lets you know that a check has cleared, you assume it is good. This is not always the case. In fact, the rules state that banks must release the funds to your account within five days, giving you faster access to your money. The problem is that if you deposit the check into your account, you might not find out for weeks that the check is actually not any good, so any monies credited to your account will now be removed – possibly leaving you in arrears.


This works out well for scam artists as you can imagine. The scammer gets the victim to deposit the fake check, then wiring funds back to them at a smaller amount. The consumer feels they have just made a deal, whereas really they have just been had. When the check bounces they will now be out the money they sent to the scammer, and the scammer is long gone.

The banks say it is up the consumer to make sure that the check is real, and to not enter into any sort of deal with someone unless you personally know them. Otherwise you are going to be out a chunk of your own money with no recourse.  ■