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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
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.
APY
APY, or annual percentage yield, is the rate of dividends earned on a credit union account over a year, taking into account the effect of compounding.
Credit Limit
The maximum amount of credit that a financial institution or other lender will extend to a borrower.

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