Financial obligations and duties of a "check cashing services" to prevent fraud?
March 11th, 2010 | 
Author: Where can I find more information for financial obligations by law that a place of business for ‘check cashing services’ must follow to prevent fraudulent activities by cashers of checks or payees?
Unfortunately there are no laws yet that require ANY steps to "PREVENT fraudulent activities by cashers of checks or payees".
Most steps are taken voluntarily to help prevent the "Check Cashing Sevices" own loss from the fraudsters (They really can’t collect from YOU if You can prove it was fraud).
There are additional Rules/Laws regarding the processing of Checks Electronically, but the "check cashing service" would have to subscribe with a company approved to do that (like Wal-Mart uses TELECHECK who has to submit a file through an actual BANK, not directly to YOUR BANK).
Here are some helpful links on Fraud and the laws around it.
Posted in check cashing
Hello some check cashing places have their own laws in fine print, I would get that first and read it then go from there. I have had problems with those places.
References :
Unfortunately there are no laws yet that require ANY steps to "PREVENT fraudulent activities by cashers of checks or payees".
Most steps are taken voluntarily to help prevent the "Check Cashing Sevices" own loss from the fraudsters (They really can’t collect from YOU if You can prove it was fraud).
There are additional Rules/Laws regarding the processing of Checks Electronically, but the "check cashing service" would have to subscribe with a company approved to do that (like Wal-Mart uses TELECHECK who has to submit a file through an actual BANK, not directly to YOUR BANK).
Here are some helpful links on Fraud and the laws around it.
References :
http://www.consumer.gov/idtheft
http://www.ckfraud.org/
http://www.frbservices.org/Retail/pdf/CheckFraud.pdf
http://www.occ.treas.gov/chckfrd/chckfrd.pdf
http://www.privacyrights.org