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I just heard from my fiancée that she heard the recipient of a cheque can tell the bank that the amount the cheque is worth up to $15 more without the bank really questioning it. She claims that this came from her Bank of America rep. To illustrate it in an example, let’s say that if I got a cheque for $100, I can theoretically tell the teller that the cheque is really $110, which I would get. It is up to the issuer of the cheque to dispute this and if nothing was done, then the bank won’t be responsible either.
This might be a but has anyone else heard of this? I can’t seem to find any basis for this on the web but I trust what my fiancée is telling me. Assuming the law is true; I can see that it will help in situations where there are discrepancies between the agreed amount and what’s written on the cheque. However, this seems to be a law that can be too easily abused by the public. Can you imagine if we get $15 more for every cheque that we receive? This just doesn’t make sense so if anyone know or have heard of something similar, point us to the right direction for more reading!
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{ 6 comments… read them below or add one }
This creeps me out. I’m a BOA customer but have never heard of thus; I’d love for someone to confirm/disconfirm(?) Eek!
arg
I hope it’s not true.
Checks already scare the hell out of me.
It’s too easy for anyone to access our checking account and steal everything.
They don’t have the protection that credit cards have.
Umm…. There isn’t anyone that can confirm. I better call the bank on Monday to check. Check back to hear from me.
i dont think its true. tellers make minimum wage. they sure as hell don’t want to lose any money
I only know that if the numerical amount ($100) is different than the alphahbetical amount (One hundred Ten dollars and no cents) then the alphabetical amount is taken as correct… However - that’s not really what you’re asking.
My financial fright scale:
cash
checks
debit cards
credit cards
Cash is the most easily stolen and credit cards come with powerful fraud protection. Maybe this is another way the banks get us to use credit cards.