Money Buzz 10/01
What to do to protect yourself from check fraud, the ins and outs of variable rate credit cards and more
Does the $12 billion to $15 billion a year the Office of theComptroller of the Currency estimates is lost to check fraud affectyou? If you think it's your bank's concern, times havechanged. The Uniform Commercial Code was altered in the early 1990sto transfer check-fraud liability from the banks to their businesscustomers, and entrepreneurs were hit hard.
Maybe it's time to worry about rogues duplicating yourbusiness's checks-an increasing threat with today'sprinting technology. Some banks, including Fleet and Wachovia,offer positive pay service, a system that allows you to log eachcheck your accounting system generates. The bank then matches yourrecord with the numbers on incoming checks; if they don't addup, the bank can deny payment.
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