Friday, December 23, 2011
Is it possible for my bank to clear funds from a certified check before it is verified?
I think I may become a victim of one of those fraud check scams. I posted an add online to sell something and someone responded to me saying that they wanted to send a certified check but then sent me another email saying that someone owed them money and they wanted me to send them the remainder of the funds. I have just opened a bank account so I put the check in my account thinking that everything was all good because it said certified on it. But then I started reading up on this popular scam online, and I want to know if my bank will catch it before they release the money to me. I don't want to wind up having to pay it back at some point. I was told when I made the deposit that it would be on hold for five business days, because my account was new, but I mean can that slip by them(the bank)? I don't know what to do now. I mean if the check is fake or fraudulent and is on hold at my bank what will happen next?
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