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| Counterfeit business checks in circulation |
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Special Alert
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SA-160-2007
June 21, 2007
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SUBJECT:
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Counterfeit Business Checks
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Summary:
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Counterfeit business checks are reportedly in circulation.
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The Federal Deposit Insurance Corporation (FDIC) has been receiving an increasing number of reports from financial institutions, businesses and consumers that counterfeit business checks are in circulation.
Like counterfeit official bank checks, cashier's checks and money orders, counterfeit business checks are being used in connection with various consumer scams. In many cases, counterfeit business checks are included with correspondence that describes an artificial purpose, and instructs the recipient to cash the check and send a portion of the funds via wire transfer to a third party. Scams that make use of counterfeit business checks typically involve bogus lotteries, sweepstakes or contests, and overpayment for merchandise purchased – often over the Internet.
In recent examples, counterfeit business checks have displayed the names of well-known and recognizable businesses. In other examples, they have displayed the names of what appear to be small or nondescript businesses; however, they have included the routing number and account number used for the issuance of official checks by a financial institution.
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On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. For more information please contact Coulee Bank or visit www.fdic.gov.
Beginning July 1, 2010 Coulee Bank will no longer participate in the FDIC’s Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in non-interest bearing transaction accounts will no longer be guaranteed in full under the
Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC’s general deposit insurance rules.
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