I've received a check for 5,000, waited for it to clear and didnt send the money back to scammer?

Question

The person told me to send money back to them and they will send me a larger amount, but i just kept the money after it cleared.

Whos responsible after it clears?

Answer 1

You are.
Just because the check clears,does not mean the money is actually there.
If you endorse and cash the check or deposit it in an account until it clears and then withdraw the money and the check is later found to be bad,as the last person to endorse the check,you are responsible to repay the money to the bank.
However,if you deposit the check in an account and leave it there until the bank actually receives the money or find that the check is bad,they can take the money out of the account and you may not be liable or face criminal charges.

Answer 2

You are. In certain cases the checks come back as a fraud many months after it has cleared. When it comes back the account where the check is cleared is the one that will be held responsible and the one the bank will come after for repayment.

Answer 3

you should make sure the check was legitimate. It may clear your bank now, but in a few weeks the bank may realize it was a phony check, and then will want the money back from you.

Answer 4

Sounds like a scam. I would close that account tomorrow. You may find the $5k gone as well as your savings.

Answer 5

Just wait, it will eventually come back. That's how the scam works. Don't spend or withdraw any of it.