@jonathankirkland wrote:
I don't get how a bank can clear a check then days later go "oops out bad, it's fake". I mean come on, that seems like a huge loophole that should not still be going on in 2021...
That depends upon exactly what the OP asked the bank, and exactly what the bank told the OP.
Read this article for more insight:
Did That Check Really Clear?
When is it safe to spend that money?
https://www.thebalance.com/clearing-checks-risks-and-scams-315292
"Most of the confusion around checks comes from bank policies and federal laws that allow you to spend money before a check clears. Banks are required to make a portion of your deposit available quickly—usually the first $200 or, on certain official checks, $5,000—and they might need to release the remaining funds after several business days. But that policy might prematurely provide access to the money. It does not mean the funds successfully arrived from the check writer’s bank."
And even if the check did clear and the balance was actually transferred from one bak to another, that does not mean the check was not fraudulently issued. If the account holder does not recognize the check and disputes it, it could be reversed. (Did you know you can buy a MICR laser printer right here on eBay?)
