9. Why canít my bank or credit union or the check cashing service tell if the check or money order is good?

  • When you deposit a check or money order, federal law requires you to have access to the funds within one to five days, but the actual processing takes longer.
  • Banks, credit unions, and check cashing services accept checks and money orders based on your identification. They don’t have any information about the source.
  • Because the check or money order goes back to the source, it can take a while for counterfeits to be discovered. For instance, if a check seems to come from a business account, the business may not learn about it until it appears on its next bank statement.
  • You’re responsible because you’re in the best position to determine the risk of accepting the check or money order – you dealt with the person who gave it to you.
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