List the voided check in your register to help in later reconciling your account. Sometimes we encounter problems when we write or receive checks. Depository institutions must also deal with check problems, including fraud and losses from bounced checks. Banks are protected from some risks by a federal regulation that allows time for a check to clear before a customer is allowed to access the check's funds. In addition, banks establish certain verification and identification procedures to safeguard against losses.
Banks face more risk with personal checks presented by new customers.
My company paycheck was drawn on X Bank, so I went to X Bank to cash it. I don't have an account there, and X Bank asked for my thumbprint before they would cash the check. Customer identification needed to cash a check - State law does not address means of personal identification for bank transactions. Check fraud is a serious problem for institutions and banks must weigh customer service against loss prevention when accepting checks. I sold an item to a friend who paid me for it with a check from Y Bank.