Most banks will advise to close an account and open a new one if they suspect fraud activity. Some banks will ask for a list of checks still outstanding on the account. The old account can be monitor for a month and the bank will cover only the checks on your list which will prevent reissuance of checks. Once the bank close the old account, any checks still outstanding should be considered as staledates.

There are other ways a fraud check may be detected. Banks may notify you for overdrawn checks even the reimbursement requests are current. Checks may clear the bank with higher amounts or out of sequence check numbers. A fraud claim form may be required to reclaim the funds. The Revolving Fund contact can provide copies of the Bank of America or Wells Fargo claim forms.

Reporting Fraud

Report all fraud. Send a copy of the fraudulent check with an explanation and plan of action to the Revolving Fund contact who will report fraud activities to the UW Police and Internal Audit.

Bank of America will usually close the account immediately and advise to open a new one. Complete a new signature card and send it with a list of all the checks that are still outstanding to the Revolving Fund contact. The bank will monitor the old account for a month and any checks clearing the old account that are on the list will be deducted automatically from the new account. The bank will transfer the remaining funds on the old account to the new one.

Other banks may have other fraud procedures. You are under no obligation to close an existing account. However, it is a good security measure to do so.