Rates Current as of Friday February 10, 2012

You are responsible for the checks and money orders you deposit. That’s because you are in the best position to determine how risky the transaction is, you are the one dealing directly with the person who is arranging for the payment to be sent to you. When a check or money order bounces, you owe your bank the money you withdrew should that deposited check be returned. The bank may be able to take it from your accounts or sue you to recover it.

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If a check I receive or money order turns out to be fake, isn’t that the bank’s problem, not mine?

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