Verifying funds is worth the effort.
If there are any concerns regarding a business check received, verifying there are ample funds in the account to cover the amount of a check is a good idea. Unfortunately, it is often the unsuspecting depositor of the bad check that ends up paying fees when the funds are subsequently withdrawn. And, with fraud seemingly all around us, ensuring you are doing business with and getting compensated by upstanding and financially sound businesses is worth the time and effort it takes.
Instructions
1. Locate the name of bank the check was drawn on and the branch, if possible. This information is usually located on the front of the check itself, just as it is with personal checks. A check drawn on a well known national or regional bank account does not mean there are adequate funds. However a business with fraudulent intent may be less inclined to try and fool a multi-billion dollar financial institution than a small, local savings and loan.
2. Search for the phone number of the bank via the Internet or phone book. This number will occasionally be printed on the check itself, though a quick search will usually find the correct contact information. Take note of the branch address at this same time, as it may be needed as well.
3. Call the bank's specific branch and ask to have the funds verified. Make certain to have the check available, as the routing and account numbers listed on the lower left of the check may be required. It is likely the bank will not provide this information over the phone. However, it is worth a call to see if you can avoid further time and effort on your part.
4. Visit the bank (again, the particular branch the check is drawn on if possible) and ask to verify both the account and adequate funds in person. Banks and other financial institutions are much more likely to provide this information if it is asked for in person rather than over the phone.
5. Prepare to pay a nominal fee for this service. Though all banks and financial institutions are different, some may charge to confirm the account is legitimate and that there are adequate funds to cover the amount of the check. Also, once the check is verified, deposit it immediately. Just because there are adequate funds in the account the day and time you verified them does not necessarily mean there will be the next day.
