This is the best bet.Originally posted by Steamin' Rice
If the check is cashed at the bank that it's issued from is that safe?
HIS bank doesn't know where you have a bank account. So they won't be able to recover funds from you.
At this point, the teller knows you will dissapear as soon as you walk out that door, so she will cover all bases to make sure that check is good before she hands you ANY cash.
If the check turns out to be bad a week later, you are off the hook and THEY will have to eat it.
But since it is a fraudulent check, they may drag you in as an actor in the fraud and report you to authorities. (They will most likely have your ID information).
You'll have to prove to the local authorities that you weren't the crook - you were the victim. But the bank is still responsible for their loss. If they can't prove you were to blame, they can't bill you for it.
But if it is a fake cashiers check supposedly from their branch, most likely they will spot the fraud right off the bat.
Long ago I was a bank teller.....and got burned by a returned check. That mistake went on my performance record. (Even tho I had checked funds, checked stop payments and got two ID's. All for naught - the check had a missing endorsement signature).
You can never tell who is good for their word. When we sold boats, we saw "good people" write large dollar bad/closed account checks we would have NEVER expected! Luckily, we recovered most of them.
So, today -- here is how I make sure a check is good:
I make a copy of the check, front and back before I deposit it.
After five or six days, I call the bank the check is drawn on and ask them if the check has cleared. I give them the account name, account number AND the check number. (all this info is on the photocopy).
Bank operations can tell you over the phone if that check has cleared.
BUT ....here 's the kicker......
If the check is a forgery, the check WILL clear, and the account holder won't know about it until they get their bank statement --- that could be MANY weeks! If they find a check that they didn't issue, they can "charge it back" to the cashing bank. All in all, this can take a couple of months.
US Treasury checks can take TWELVE months to clear.
So really, there's no guarantee, other than due dilligence. Sadly, these are some of the financial risks associated with being in business for yourself.