Category: Non-sufficient funds

Shared Check Authorization Network

Shared Check Authorization Network (SCAN) is a comprehensive database of bad check writers in the United States . The database is used by retailers in order to reduce the number of bad checks received. The data base of the present invention relates to a method for determining the presence of a particular accountholder….


Non-sufficient funds

Non-sufficient funds (NSF) is a term used in the banking industry to indicate indication That a check can not be honored Because insufficient funds are available in the account is the instrument qui Was drawn. An NSF check is Often Referred to as a bad check , dishonored check , bounced check , cold check , rubber check , returned item , or hot check ….


ChexSystems

ChexSystems is a check verification services and consumer credit reporting agency owned by the eFunds subsidiary of FIS . It provides information about the use of deposit accounts by consumers….


Check fraud

Check fraud Refers to a category of criminal acts That Involve making the unlawful use of checks in order to borrow funds or Illegally ACQUIRE That do not exist dans le account balance or account-holder’s legal ownership. Most methods Involve Taking advantage of the float (the time between the negotiation of the check and Its clearance at the check-writer’s bank) to draw out…


Check kiting

Check-in is a form of checking fraud , which involves taking advantage of the float to make use of non-existent funds in a checking or other bank account . In this way, instead of being used as a negotiable instrument , checks are misused as a form of unauthorized credit ….


Bad check restitution program

A bad check restitution program (BCRP) is a program in the United States that works to retrieve funds from bad check writers in order to repay moneys owed to the recipients of the checks . In other words, these are debt collection operations. Many of these programs are operated by private companies that add fees that may exceed $ 200, regardless of the amount of…


Advance-fee scam

An advance-fee scam is a form of fraud and one of the most common types of confidence trick . The scam typically involves the large sum of money, in return for a small up-front payment, which the fraudster requires in order to obtain the large sum. If a victim makes the payment, the fraudster or the victim, or simply disappears….