Re: Quick Explanation from a FI Fraud Investigator
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"Why am I responsible?"
::: When you endorse the back of the check, you take responsibility for the items funds. you've basically said "yup, I know this check is good and take responsibility for it if it bounces or is uncollectable."
So you say,whoever you are. I think my signature verify's that I am in fact the person that the check is made out to. But that is beside the point.
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It's not a question of indentification validity. When you endorse a check, you become the owner of it. When it comes back bad, the bank goes to the "owner" to reclaim the funds it had let you access. If no funds had been spent, then everyone ends up fine. When the funds are gone is when problems can occour.
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