Fraud
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I deposited several checks/money orders that were fraudulent or did not clear. The bank took the money from my checking account and then froze and/or closed my account. Can it do this?
Yes. Depending on the circumstances, you may be held responsible for the entire amount of the fraudulent check or money order that you cash at the bank or deposit into your account. Generally, banks may close accounts, as […]
Check Fraud Account CloseRead more →
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I cashed a check at my bank that was found to be fraudulent. Doesn't the bank have insurance to cover the loss so that I don't have to repay the bank?
No. Federal Deposit Insurance Corporation (FDIC) deposit insurance does not cover losses due to theft or fraud. Depending on the circumstances and your state's laws, you may be held responsible for the entire amount of a […]
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I was passed a fraudulent cashier's check. What should I do?
Contact your bank immediately. You should also report the fraud to the appropriate authority. Cashier's checks have become an attractive vehicle for fraud when used for payments to consumers. It may take weeks to discover […]
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I deposited a check/money order into my account, but the bank later told me it was fraudulent. I had already used some of the funds, and now my account is overdrawn. The bank says that I am liable for the entire amount. Is this true?
Not necessarily. Generally, if your bank credited your account, it can later reverse the funds if the check is found to be fraudulent. You should check your deposit account agreement for information on the bank’s policies […]
Check Fraud LiabilityRead more →
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A company sent me a check that supposedly was for lottery winnings. The company told me to cash the check and to return some of the money to cover processing fees. I deposited the check, but it turned out to be fraudulent; the bank then stated that I had to repay them. What can I do?
If your bank gave you credit for a check that is found to be fraudulent, the bank can reverse the funds from your account. As the payee of the fraudulent check, you must pursue the maker of the check if you wish to seek […]
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I received correspondence or a solicitation from a company (non-banking company not affiliated with a national bank or federal savings association). How can I tell if this company is legitimate?
We suggest that you contact your state's attorney general or financial services regulator, the Federal Trade Commission (FTC) at (877) 382-4357, or the Consumer Financial Protection Bureau (CFPB) at (855) 411-2372. The […]
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Can the Office of the Comptroller of the Currency (OCC) check my Social Security number for fraudulent credit activity?
No. The OCC does not monitor individuals' consumer credit information for fraudulent activity. If you have specific concerns about fraud related to your Social Security benefits, visit the Social Security Administration's […]
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