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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
Credit Limit
The maximum amount of credit that a financial institution or other lender will extend to a borrower.
Adjustable Rate Mortgage (ARM)
A home loan with an interest rate that is fixed for a certain period, after which it may fluctuate with the market.
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.