When you deposit a check, the funds must first travel electronically through the Federal Reserve system, and funds may not be available for up to five days.
Scammers know this, and they use it to their advantage.
According to the FDIC, fake bank checks are typically used in scams where the scammer tries to get you to cash or deposit the check. Once it is deposited, they ask that you send all or part of the proceeds back to them before the bank tries to clear the check for payment and realizes it’s fake. The scammer might ask you to return the funds by cash, by personal check, by loading it onto a pre-paid or gift card, or through electronic means such as a wire transfer.
If it is later determined that the check was counterfeit, you will likely be held responsible for the funds that were provided to the scammer, so it is important that you recognize the signs of a counterfeit check to protect yourself.
Here are some things to consider if you receive a suspicious check.
1. Ask yourself "Was I expecting this check?"
2. Are you being paid or overpaid and being asked to refund a portion of the money quickly?
3. Inspect the check for misspellings, security features, and a legitimate company name. A quick Google search or using FDIC BankFind can help you verify bank information and help you avoid losing money to a scammer.
When in doubt, contact the bank listed on the check to find out if the check is good, or call your bank and see if it sounds like a classic scam scenario.