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Cheque fraud protection

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Cheque fraud can happen in many ways. But if a deal sounds too good to be true, it’s probably a scam. And don’t forget that you are ultimately responsible for the cheques deposited to your account.

How we protect you
  • Our deposit hold policy helps protect your account from cheque fraud.
  • You may notice that we ask questions about your transactions to help determine if you’re being scammed.
  • We educate our staff on fraud trends and scams to help them identify fraud. If a cheque looks unusual, we’ll take steps to verify its authenticity.
How you can protect yourself
  • Beware of sophisticated knock-offs. Counterfeit cheques often say “Guaranteed Funds” or “Certified” on the face of the cheque and may appear to be from a respected financial institution or well known company.
  • Be careful who you accept cheques from. A cheque can be returned as counterfeit even after the clearing process and hold period is complete. You are ultimately responsible for cheques you deposit to your account. In other words, if you spent the money, you have to pay it back. Make sure you know the party giving you the cheque and are comfortable with them before you decide to put your funds at risk.
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Have questions?
Call us at 1.888.517.7000 Mon-Sat, 8am-8pm; Sun, 9am-5:30pm.