The best way is to go to the bank it's drawn on (if that bank has a local office) and asking them to cash it. If they cashed it, it's good (and if it's not, it's their loss now). They might charge you $5 or so to cash it as a non-customer, but it's usually worth it if you think this is a high risk item. Your other option is to deposit it into your bank, just make sure that you don't give anything (merchandise, change, etc.) to the issuer of the check until the check has cleared. Your bank might not hold the check and give you immediate credit for the funds, this does not mean that the check is good, they are just doing this for you as a convenience. Depending on whether the check is local, out of state, or international, it can take a good 2 - 7 - or 60 days to clear it. (if it's international, I'd strongly insist on a wire transfer and refuse the check).
If it's an official check, such as a cashier's check, the bank issuing the check will usually have an 800 number set up to verify the check number and amount and whether it's been cashed. Just don't call the number on the check because it could be fraudulent. If the check is let's say from Wells Fargo, you call a local branch of Wells Fargo and ask them to verify a cashier's check, they'll either do it for you or give you the number to call.
If the check is bad, it will affect your relationship with your bank. If it's your very first deposit into a new account, the bank may close the account and refuse to do business with you ever again. They figure you are a high risk customer, and they don't want to deal with you. If you are a long time customer, they won't kick you out, but they might lower the built in buffers for your accounts before they bounce a check, etc. That's why if it's a high risk check (like someone sent it to you for an online purchase), then I'd try to cash it through the issuing bank first.
Hope this helps. Let me know by e-mail if you need further information.
2006-11-20 00:02:35
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answer #2
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answered by yishor 4
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