But if you're only dealing with one problem transaction, your time frame is much wider. In general, if you see problems, you have 30 days from the statement date to locate the error and tell your banking services. As the consumer, you are responsible for reviewing your periodic statement. When it comes to informing your bank about fraud, time is of the essence. It could also request that you file a police report. To get to the bottom of your case, the bank will require you to complete an affidavit, a sworn statement in writing before a proper official, such as a notary public.
In addition, if it's found that your financial reporting was not up to snuff, andthe way the check or checkbook was handled, issued, completed, or made payable contributed to the making of the forgery, you could be at least somewhat liable. If the bank is successful in proving two things-that it accepted the check in good faith and the tellers used ordinary care and diligence in managing the financial transaction-it's a possibility that the bank might not be found liable for the debit charge on your account.
But based on the circumstances of the case, a bank has the right to investigate the situation to determine if the customer is indeed entitled to a reimbursement or not. When it comes to most national banks, customers will be reimbursed for any forged, altered, or improperly endorsed check signatures, with the debit on their accounts reversed, according to, the consumer aid website of the national Office of the Comproller of the Currency (OCC). In addition, while consumer protection laws have been put in place to protect you from losses incurred by check fraud, in reality the outcome of check fraud cases varies, as the bank might not have to comply with these protection rulings if certain factors are in play. Each day a huge volume of checks are processed through clearinghouses for payment by machines that read the MICR-encoded routing number. And while it's true that banks are responsible for knowing their customer's signature, and flagging an account for fraud if a signature is discovered not to match, banks are prone to error, especially because they do not manually process checks. With those statistics in mind, it goes without saying that consumers writing checks had better be careful out there. Checks, both consumer and business, were the payment instrument with the highest average value of unauthorized transactions in 2012, according to a 2013 Federal Reserve study, with the average unauthorized check transaction valued at $1221. These are three of many different unfortunate banking incidents that can occur when you're a victim of check fraud - when a thief forges your endorsement signature in order to receive a check payment. Someone cashes a check made out to you by forging your signature - relieving you of a substantial payment. Your checkbook goes missing, and then later your bank statement says you bought a Porsche. Thanks for a job well done.Your paycheck is stolen out of your mailbox. I would not have been able to do this without the help of Check Book IRA and their team of professionals. I am currently in the process of purchasing real estate that will generate steady income for years to come. Everything was explained in precise detail with nothing left to chance. Alisha was wonderful to work with as she followed up on every little detail and also answered all of my post set-up questions.
As a result of my conversations with Peter I was convinced that I needed to have control over my retirement accounts so I completed the application and was soon working with Alisha Bennett to get all of the paperwork submitted and processed. He took my calls right away and thoroughly explained how Check Book IRA worked and what was involved in getting it set up. I reached Peter Rizzo who was very helpful in answering any lingering concerns I had about Check Book IRA. This led to many questions so I picked up the phone and called. A friend told me about the Check Book IRA earlier this year and as a result I visited the website for additional information.