Have you ever been asked to deposit a check as a favor? The requestor may even offer to let you keep part of the proceeds for your time and effort.
The stories behind why you need to deposit a check for someone else may vary wildly. Some examples are that the scammer lost their license, the scammer is in the middle of changing banks, or the check was accidentally made out to the wrong person. The scammer may even ask to use your account to pay their bills or purchase items for themselves because they are out of town, have a family emergency, or don’t have a debit/credit card to make purchases online.
Be wary when depositing a check as a favor. Banks have to make deposited funds available fairly quickly by law so seeing the funds in your account doesn’t mean it’s a good check. Fake checks can take weeks to be discovered, and you’ll be left footing the bill for anything you’ve given to the scammer in the meantime.
Be sure to check out our Blog or our page on Facebook for fraud tips every Friday. We’ll cover different types of fraud as well as red flags to help you identify when it might be a scam.
Remember, if you have questions about a possible fraud situation or just an uneasy feeling about a phone call, text, email, or transaction, feel free to contact the Fraud Department at (605) 934-2500.