‘Other than verifying the availability of the funds, what’s happening that requires five days?’
I have a banking question for which I would like to get further clarification. I received an insurance-claim check for $22,000, written against a Bank of America account.
When a bank takes time to process a check, it’s doing so to ensure the check’s validity. Checks are ripe for fraud. In fact, the Better Business Bureau recommends signing checks in black gel ink, which it says is more difficult to tamper with than regular blue or black pens. “The Crown” actress Claire Foy recently refused to sign an autograph in blue ink; some experts say blue biro is easier to scan for nefarious purposes, while others say such concerns are overblown.
A common scam: Consumers are fooled into cashing a check for a third party. The scammer tells a person with a U.S.-based bank account that they inherited a large sum of money, but must deposit the amount and wire the scammer a portion of the funds in order to receive a generous commission. However, the check is returned and the customer is on the hook for the withdrawn funds.
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