Negotiable Instruments (NI), and related issue that often affectour lives. Well, well, checks are a great way of paying for goodsand or services. However, these days it seems that checks are beingused as tender less and less. Again, due to fraud and dishonestysome of the reasons are that retailers are refusing to take checksas payments. This is especially true of smaller businesses thathave been \"burnt\" by accepting checks. So often you will see aposted sign that says, \"sorry for the inconvenience, but we cannottake personal checks as payment.\" Check fraud is a real problem forour society. It costs us so much to recover from them. Banks arerepaying customers for stolen checks and it is not fair
On the other hand people steal checks all the time. Once I had abox of checks stolen and the perpetrators used the checks atvarious places to pay for stuff. In addition, they cashed some ofthem. That was back in the late 1980's. Online banking was not anoption at that time. So it took a long time for me to realizethat....Of course, the onus was on me to prove to the bank that mychecks were stolen and used. They eventually reimbursed me forcashed one, but not the ones used to pay for services andgoods.
Some questions to reflect on: How can we preventsuch fraudulent behavior, can check fraud be stopped? Are checksbecoming obsolete? How do you feel about onlinebanking?
