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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
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
ACH
Acronym for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers.
Minimum Payment
The smallest amount of money owed on a balance to remain in good standing.