A check is written, dated, and signed papers that order/direct a bank to pay a specific sum of money to the person who is bearing the check. The person who writes the check is known as the payer and the person to whom the check is written is the payee. Many people ask or are curious about the process of cashing a stolen check.
Cashing a stolen check is not a wise thing to do. So, if you by any chance have a stolen check then you should not cash it. If you want to cash a stolen check then it is considered as constitutes fraud. Moreover, if the check has a large amount then it may go easily from committing a misdemeanor to a felony. So, cash in the checks which are legitimately for you.
Jump To A Section
- 1 What To Do If Someone Cashed A Check That Is Mine
- 2 FAQs About Stolen Check
- 2.1 1. Can Someone Steal My Check And Cash It?
- 2.2 2. What To Do When A Check Is Stolen And Cashed?
- 2.3 3. What Happens If You Deposit A Stolen Check?
- 2.4 4. How To Cash A Check Without Going To The Bank?
- 2.5 5. Can Cashed Checks Be Traced?
- 2.6 6. When Someone Cashes Your Check How Long It Takes?
- 2.7 7. How Long Does It Take For A Bank To Refund Stolen Money?
- 2.8 8. What Are The Best Apps For Cash Checks?
- 2.9 9. How Do I Cash A Stimulus Check?
- 2.10 10. How Many Times Will A Bank Try To Clear A Check?
- 2.11 11. Can A Bank Ask Where You Got Money?
What To Do If Someone Cashed A Check That Is Mine
If you have had a check stolen then there are a few things that you can do to prevent the check from being cashed. So what types of measures you should do depends on whether you’re the payee or the payer. Let’s check them out!
Contact With The Bank
You might be in a situation where you’ve had your box of checks lost in the mail or you have lost a written check or you wrote a check to a specific person but an unauthorized party cashed it. So in this type of circumstance, you should immediately call your bank and speak with the department associated with fraud and theft. Call your bank and speak with the department associated with fraud and theft. Moreover, you should take some actions regarding your account like investigating the checks that were not written by you so that the authority can do an investigation into who cashed them. If more than one check was stolen then tell the bank to stop any remaining checks from being processed. In most cases, the bank will get you reimbursed for the stolen funds which is very convenient. The best solution to this type of situation is to close your old account and create a new one for better security.
You should contact the local police department about the stolen or lost check. This is because a wrong person cashing a check is a form of identity theft. This is a requirement as part of the fraud reporting process when you call the bank. When you go to the police station make sure you bring all the latest statements showing the fraudulent checks coming out of your account. Don’t forget to collect a copy of the police report so that you can show it to the bank authority.
Contact With The Check Issuer
If you lost a check that is issued to you or someone cashed a stolen check written out to you then you should immediately contact the check issuer alongside the police. For example, you should contact the Internal Revenue Service to file an identity theft affidavit for a stolen government check from you. It will make the authority to do an investigation and reissue the check as soon as they can verify fraud took place. If you have lost a paycheck then you should contact your employer and find out what policies they have. In this type of situation, the employer may end up handling the situation better than the bank.
Prevent The Future Check Issue
The best way to avoid the hassle of stolen or lost checkbooks is to prevent future check issues. For example, you should immediately let the bank know about your stolen check. This will make the bank stop all the further check issues. Moreover, you should issue a new checkbook to do further transactions. You can also activate the transaction alert service to keep a close eye on funds leaving your account. You can also use the direct deposit feature and avoid checks getting cashed by the wrong person. Using electronic funds transfers rather than writing paper checks will minimize the risk of the checks getting in the wrong hands.
FAQs About Stolen Check
1. Can Someone Steal My Check And Cash It?
Well, it is possible someone can steal your check but it is not likely possible to cash it because the bank won’t approve the check and give the money. However, this doesn’t mean that it cannot happen because everything is possible.
2. What To Do When A Check Is Stolen And Cashed?
There are various steps that you can take in case you lost a check or someone cash a stolen. For example:
a) Report to the Bank
b) Report to the Payor
c) Report to Local Law Enforcement
d) Report Identity Theft to Government Agencies
e) Place a Fraud Alert on Your Credit Report.
f) Report Stolen Mail to the United States Postal Service
3. What Happens If You Deposit A Stolen Check?
If you deposit a stolen check and spend the money then you’ll be responsible for the amount of money when the check is returned. So if you are not sure whether the check is stolen or fraudulent then don’t deposit the check into your account.
4. How To Cash A Check Without Going To The Bank?
There are many ways you can cash a check without going to the bank. For example:
a) Use mobile check deposit
b) Load the amount onto a prepaid card
c) Endorse the check to a friend
e) Cash your check at a retailer
f) Go to a check-cashing store
5. Can Cashed Checks Be Traced?
Yes, a cashed check can be traced and it is possible because your name is written on the check. Moreover, when you cash a check you have to show some ID and the bank can record the ID for future use.
6. When Someone Cashes Your Check How Long It Takes?
If someone cashes your check then it might take two business days to complete the transaction because the bank will collect the funds from the check writer’s bank. If it’s an international payment then it might take more than two business days.
7. How Long Does It Take For A Bank To Refund Stolen Money?
Well, the time may vary from bank to bank, and sometimes it depends on the ongoing investigation. However, typically it takes 10 days for banks to investigate a claim and refund the money.
8. What Are The Best Apps For Cash Checks?
There are a few apps available for cash checks. They are:
a) ACE Flare
b) Brink’s Money Prepaid Mobile App
c) Ingo Money App
f) Western Union Netspend Prepaid Mastercard Mobile
9. How Do I Cash A Stimulus Check?
You can easily cash a stimulus check without going to the bank or opening a bank account. There are lots of local options available like:
c) King Sooper’s
e) City Market
k) Pay Less
l) Fred Meyer
m) Pick ‘N Save
n) Metro Market
10. How Many Times Will A Bank Try To Clear A Check?
If you have insufficient funds in your account then the bank will redeposit the check twice and try to clear the check. However, there is no specific law available that indicates how many times you can resubmit a check.
11. Can A Bank Ask Where You Got Money?
There is no specific law available that gives the bank power to ask a person about the source of the money but sometimes bank can ask a question to follow the Governmental and company guidelines on money laundering.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.