Do you think you may have received a scam or have received something that makes you suspicious? Here's are three questions to ask to keep you from losing your hard earned money and give you some direction on what to do.
How to identify a check scam:
1. You received an unexpected cashier’s check or an offer of a large payment from a company that may or may not be posing as a mystery shopping company. Mystery shopping is a common front; however, it could be any type of company.
2. You are asked to send some of the proceeds to someone else.
3. The offer seems too good to be true. The scammers are counting on your willingness to take the chance their offer is real.
If I can get the cash, doesn’t that mean the check or money order is good?
Federal law requires banks and credit unions to make the funds you deposit available quickly, usually within five days, depending on the type of check or money order. Just because you can withdraw the money doesn’t mean the check or money order is good. It can take weeks, even months, for counterfeits to be discovered. And the bank will demand their money back.
Interesting reading:
* Don't Believe Your Bank When it Reports a Check has Cleared
If you like this informative post, then please subscribe to my full RSS Feed.