Thursday, March 26, 2009
Yes, a "cleared" check can still "bounce"
It is possible for a check to be “cleared” and then turn out to be bogus and be withdrawn. A bank can subsequently “bounce” a previously “cleared” check if it later finds it to be fraudulent.
Liz Crenshaw of NBC Washington reported, on March 26, 2009, on scams from foreign lotteries where this happens. The check “bounces” after the victim has sent in some money to get the rest of the “fee.”
A forum on “Fatwallet” explains how this can happen. Look at the explanation on Oct. 22, 2007. The check could bounce if the supposed originator of the check shows that the check was fraudulent and that the supposed party did not actually issue the check.
Here is another explanation on “classical values”
There is also a bad check restitution program. http://en.wikipedia.org/wiki/Bad_Check_Restitution_Program