Be suspicious of checks that have a low check number, as many bad checks come from bank accounts that are less than a year old.
How to Avoid Bad Checks
Easy tips to follow to avoid accepting bad checks
Paper checks are less common than they used to be, but they certainly haven’t phased out completely. Several billion checks are written each year as it is the easiest way for many businesses to accept payment. The challenge for these businesses is how to avoid bad checks.
By implementing firm policies and actions for accepting checks, businesses can mitigate their risk of accepting a bad check and having to pay the price later. The short video below gives several great tips for avoiding bad checks, such as the following:
Checking business account activity and transactions daily and reviewing bank statements often can also reduce risk of fraud. There are several services, such as Positive Pay and the ability to set custom alerts through BSB Online Banking, that can help mitigate check fraud. Education is key when it comes to fighting payment fraud. We can help you fight back!