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Forged Check
A check that has been altered or created without the permission of the person or entity named as the payee. It is a form of fraud.
More Details
A forged check is a check that has been altered or created in a fraudulent manner. Forging a check can involve changing the amount written on the check, altering the name of the payee, or creating a completely fake check.
Example
You were selling items at a local marketplace and a payer attempted to use a forged check in order to pay for the goods.You contacted the issuing bank to report this check and they started an investigation.
Related Terms
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.
APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
Amortization
The process of paying off a loan through regular installments, the amount of which is determined by the loan amount, length, and interest rate.

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