The special "Bank Code" printed on the bottom of all U.S. checks and ecommerce
check drafts uses the MICR font.
Personal checks. To avoid fraud:
Call the bank and verify the account and funds. Do not use the phone number
from the check. Call 411.
Get the name of the bank employee who verified it.
Have them review with you all the security features
and watermarks of the check to determine if it's real.
Bank Draft or Casher's Check: These do NOT clear next day. The bank must
make funds available the next day, but they can take up to two weeks to actually
clear. If they fail to clear, the funds will be removed from your account
by the bank at that time.
Most cashiers checks will have a perforated edge not a smooth one.
If possible, ask the buyer to meet you at the bank
that issued the cashier's check and close the deal there. Ask the buyer to
cash the check and then you deposit the cash at your bank. Be aware
that if you cash the check and it turns out to have been fradulant, you just
passed a bad check.
Call the bank and ask for a record of that check being issued. Do not use
the phone number on the check. Call 411.
Trivia: Which U.S. law protects you from check fraud? Answer: There is no
specific U.S. federal law that limits your liability for check fraud. But,
the Uniform Commercial Code (UCC) does address check fraud. Basically, if
you exercise reasonable care, you have 30 days to contest a fraudulent transfer
from your account.+
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