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If you catch a mistake whether it is through identity theft, forging a check or just a bank mistake, promptly, you can often get it reversed.
And there are a lot of banking rules for who is responsible, but if that happens to you, you should definitely contact your bank.
Which is why it is important to monitor what goes in and what comes out and more importantly what comes out of your account.
One situation that I have encountered more times than I like to think is where little Johnny took mom’s checkbook and forged a bunch of mom’s checks and mom goes to the bank and says, “My son stole my checks and wrote this, put the money back.” And that is when the bank will say, “We are very happy to put the money back as long as you cooperate in the criminal prosecution of your son.” Whereupon mom decides in most instances that she does not need that money back?
It is important to review the monthly statement on a monthly basis.
But if you let too much time go by, you have bought it!
The laws that require the bank to credit your account if there are bad checks, checks that are fraudulent has a short fuse.
And so if you let two months, three months, four months go by without questioning the charge, chances are, you are going to be stuck with that.
If somebody has access to your account improperly and taken your money, you might lose the right to get it back from the bank if you wait too long and by too long, I do mean thirty days. You need to write Johnny on the spot in contacting the bank if there is anything in that account statement that is not yours!
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