Just because a check has “cleared” doesn’t mean you’re in the clear.

Under federal law, banks must make money from deposited checks available quickly – usually within two days.  But just because you can withdraw the money doesn’t mean the check is good, even if it’s a cashier’s check or money order.  Forgeries and fakes can take weeks to be discovered.

Consumers and businesses are responsible for the checks they deposit, because they know best the origin of the check.  It can take weeks for a check to be returned as fraudulent.  If you withdraw money and the check is returned, you are responsible for paying back the bank.

If you are uncertain a check is good, talk to your banker before withdrawing the money.  

Beware of fake check scams.

Scams that rely on getting people to deposit a fake check, withdraw the money, and then send the money to the fraudster – by wire, gift card, or money order, continue to grow.

Here’s an example of how it works: A fraudulent buyer offers to send a cashier's check or money order for an amount much larger than the value of the item and asks the seller to wire back the difference.  The seller deposits the check, withdraws cash as soon as the funds are available, and then wires the leftover sum to the fraudulent buyer.  Days later, the bank learns that the cashier's check was fraudulent.  Unfortunately, by then the seller has lost his or her money and merchandise to a scam.

There are many variations of check fraud schemes including romance scams, work from home scams, fake lotteries and more.  Many ask the victim to wire the money, but some ask for gift cards or money orders.

No legitimate company will offer to pay by arranging to send a check and asking the seller to send some of the money back, whether by wire, gift card, or money order. If that's the pitch, it's a scam.

Consumer tips to prevent fraud:

Don’t share your secrets.  Don’t provide your Social Security number or bank account information to anyone who contacts you online or over the phone.  Protect your PINs and passwords and do not share them with anyone.  Use a combination of letters and numbers for your passwords and change them periodically.  Do not reveal sensitive or personal information on social networking sites.