How to Verify a Certified Check
The swiftness and ease of the Internet gives counterfeiters and financial scammers more ways to fleece unknowing borrowers and customers. Private transactions are often handled with certified checks. Before completing any private transaction, it is crucial to verify the legitimacy of the certified check. Fortunately, this is relatively simple.
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Instructions
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Negotiate the final transaction that will be conducted with a certified check, if applicable. If you are writing up a contract or selling agreement, include a provision to hold the check until it clears the buyer's bank. This will protect you against fraud.
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Obtain the certified check. Give it a brief once-over. An obvious counterfeited check will not have a bank name on the check. Do not accept a check without a bank name. Make sure the check has both a routing number (along the bottom of the check, usually between colons) and an account number (to the right of the routing number).
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Look up the contact information of the owning bank. Contact the main toll-free number, or visit a branch office in person. Give the representative the routing number, the account number and the amount of the check. Ask for verification. The account number is that of the bank, not the buyer.
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Deposit the check in your bank once it's verified. Do not complete the transaction, if you're a involved in a sale. Wait for the check to clear. Depending on the amount, this could take as long as 10 days. Once the check clears your bank, complete the transaction with the buyer.
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Order a copy of the fraudulent check if it comes up as counterfeit. Contact the Federal Trade Commission (FTC) immediately. See Resources for a complaint form. If you lost funds or assets in a fraudulent transaction, contact an attorney to discuss your legal rights.
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References
Resources
- Photo Credit check in macro image by Alexey Klementiev from Fotolia.com
