or on computers from the bank it has to say cleared and aproved im new in this stuff please explain.
2007-07-23 06:03:21 · 5 answers · asked by jake j 1 in Business & Finance ➔ Credit
how do i know if the check is not a fradulant payment how can i tell if they faked me with there fake money order,check payment??????????
2007-07-23 06:31:31 · update #1
Cleared means that the bank that it's written on has confirmed that it's good and has paid the amount to wherever you cashed the check.
The fact that you got the cash doesn't mean that it's cleared. If it bounces or turns out to be forged, your bank or wherever you cashed it would look for the money back from you.
2007-07-23 06:16:45 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You might get the cash, but that does NOT necessarily mean it's a done deal. If the check turns out to be fraudulent, your bank can and will come back and take the money from you. If the check was from a foreign country, it could take weeks until a bad check comes back, even if it was a supposed "cashier's check". Counterfeit checks from other countries are a very popular item for scammers to use.
2007-07-23 06:15:06 · answer #2 · answered by likepepsi 7 · 0⤊ 0⤋
Some banks will not allow you to withdraw funds from your account if the check (usually personal ones) have not cleared the bank it was issued from.
In a nut shell your bank has to verify that the personal who wrote the check has funds in their bank to cover the it.
Then you get to use your money.
2007-07-23 06:20:16 · answer #3 · answered by Cali Girl 3 · 0⤊ 0⤋
A check "clearing" the bank, means that it has went through the bank successfully and has been cashed.
2007-07-23 06:11:33 · answer #4 · answered by Butterfly 5 · 0⤊ 0⤋
Yes!!!!! It's your money w/o problems
2007-07-23 06:07:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋