Short Answer: as soon as your check is stolen and cashed, you can normally get your money back, however, this will be based on the outcomes of the bank’s investigation. You need to report the theft to local law authorities, the bank where the check is drawn, along with the payor as soon as possible. It’s also advisable to report thefts of government checks, for example social security or tax refund checks, into the issuing agency. For additional information about things to do, see under and cash a check.
What to Do When a Check Is Stolen and Cashed
When a check is stolen and cashed, you may have to make a few reports to law enforcement, banks, the payor, the post office, or government agencies. You may have the ability to get your cash, but if you can do this will be dependent on how quickly you report the theft and if the bank makes the decision to repay the money after exploring. The sooner you report the theft, the greater the odds are that the bank will have the ability to issue a stop payment order before the check is cashed or learn that cashed the check and provide you with a refund.
Belowwe outline the steps which you ought to take. We contacted national agencies such as the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB), in addition to several financial institutions (like Chase Bank, Navy Federal Credit Union, and Wells Fargo) to verify this info.
Report to Local Law Enforcement
You need to contact the local police department concerning the stolen or misplaced check. This is since a wrong person cash a check is a kind of identity theft. This is a necessity as part of this fraud reporting procedure when you call your bank. When you visit the police station be sure to bring all of the hottest statements revealing that the fraudulent checks coming from your account. Do not forget to collect a copy of the police report so you can reveal it to the bank jurisdiction.
Be aware that there may be a statute of limitations, which defines a time limitation for bringing legal activities; it’s ideal to report the theft as soon as possible. You may also need to visit a local lawyer to make certain you know your rights and understand the laws in your state.
Report into the Bank
Besides contacting law enforcement, you must report check theft to this bank where the check was drawn. The bank’s fraud or claims department will investigate your situation. In the event that you were the first receiver of the check and also aren’t an account holder in the issuing bank, the payor may want to file the dispute.
Bank customers may have a limited quantity of time following a check is processed to report its own theft. While not one of the banks we spoke with inflict time limitations for customers to report fraudulent person cashing, policies may change based on your Deposit Account Agreement. It is ideal to review your arrangement and also contact your bank as soon as you know the check is cashed.
Banks are usually able to track where and if checks have been cashed; they could request paper or electronic copies of supported checks in the check cashing institution. Since check cashers usually demand the person cash a check to present a government-issued ID, they may have the ability to discover the person who fraudulently cashed the check.
After exploring the theft, the bank will typically repay the fraudulently-paid check to the payor. The person the check was written to will subsequently ask the payor to reissue the check.
Report into the Payor
If you’re the first recipient of a stolen check and can report the theft to the bank, it’s still very important to report the check theft to the payor, or the person who sent the check to you. The payor can instruct the bank to report the theft to the bank’s check verification procedure for investigation. The bank may also put a fraud alert to the payor’s account or provide the payor that the choice to start a new checking account to protect their funds.
When a check is stolen but not yet cashed, banks generally advise that the payor set a stop payment on the check. If the check was cashed, the payor must file a dispute claim with the bank. The bank will return the funds to the payor’s account in the event the claim is solved successfully.
Contact With The Check Issuer
If you misplaced a check that’s issued to you or someone cashed a stolen check written out to you then you must immediately contact the check issuer alongside law enforcement. By way of instance, you need to contact the Internal Revenue Service to file an identity theft affidavit to get a stolen government check out of you. It will produce the ability to perform an investigation and reissue the check as soon as they may confirm fraud happened. In case you’ve missed a paycheck then you need to contact your company and discover out what policies they have. In this kind of scenario, the company may end up managing the situation better than the bank.
Report Identity Theft to Government Agencies
If you suspect That You’re the victim of identity theft, you can file a report with the FTC online or by calling -LRB-877-RRB- 438-4338. The FTC can help you produce an action plan, monitor your progress, and pre-fill letters and forms to you so that you may regain your identity.
Should you suspect that your Social Security number was compromised, you must immediately contact the Social Security Administration.
Stolen Tax Refund Checking Account
If you don’t get your tax refund check, you ought to file a claim with the Internal Revenue Service (IRS). The IRS may trace the refund and explore any possible fraud.
If taxation refund money is fraudulently deposited into a customer’s bank account, the account holder must report the fraudulent deposit into the bank for investigation.
Put a Fraud Alert on Your Credit Report
If the stolen check comprised your personal information or you think may be a victim of identity theft, You May Also put a fraud alert in your credit report by contacting the three Big credit bureaus:
- Equifax: Online or by phone in -LRB-800-RRB- 525-6285
- Experian: Online or by phone at -LRB-888-RRB- 397-3742
- Transunion: Online or by phone at -LRB-800-RRB- 680-7289
Report Stolen Mail to the United States Postal Service
You’re able to report stolen mail, such as mailed checks, to the United States Postal Service online or by calling -LRB-877-RRB- 876-2455. And they will then look into the theft.
Prevent The Future Check Issue
The perfect approach to prevent the bother of stolen or missing checkbooks would be to prevent potential check problems. By way of instance, you must immediately allow the bank know on your stolen check. This is likely to produce the bank stop all of the additional check problems. In addition, you need to issue a fresh checkbook to perform additional trades.
You might even trigger the trade alert service to keep a close watch on funds departing your account. You could even use the guide deposit attribute and steer clear of checks becoming cashed by the incorrect person. Employing electronic funds transfers instead of writing paper checks will decrease the danger of the checks getting in the wrong hands.
FAQs About Stolen Check
1. Can Someone Steal My Check And Cash It?
Answer. Well, it’s possible someone can steal your check but it isn’t likely possible to cash it as the bank will not accept the check and provide the money. But this does not indicate it can’t occur because everybody is possible.
2. Things To Do After A Check Is Stolen And Cashed?
Answer. There are a variety of measures you are able to take in the event you misplaced a check or someone cash a stolen. As an instance:
- Report to the Bank
- Report to the Payor
- Report to Local Law Enforcement
- Report Identity Theft to Government Agencies
- Put a Fraud Alert in Your Credit Report.
- Report Stolen Mail to the United States Postal Service
3. What Happens If You Deposit A Stolen Check?
Answer. If you deposit a stolen check and invest the money then you’re going to cause the quantity of money once the check is returned. Therefore, if you’re not certain if the check is stolen or fraudulent then do not deposit the check to your account.
4. How To Cash A Check Without Moving To Your Bank and without problem with your bank account?
Answer. There are a lot of approaches in which you may cash a check without visiting the bank. As an instance:
- Utilize mobile check deposit
- Load the sum on a prepaid card
- Endorse the check to your buddy
- Cash your check at a merchant
- Visit a check-cashing store
Earn money, cash checks and be happy.