Answer:
If you paid a counterfeit check and you did not have them on positive pay and they notified you on a timely basis based on your depositor's agreement, the bank is labile to their customer for the check.
Responsibility for payment of counterfeit check
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Question:
If we have a business customer that notified us that a check cashed against their account was "altered" and that check was determined to be a counterfeit, but the signature on the check reasonably matches the signature of the authorized signer (almost exactly), would we still be liable to credit our customer for the counterfeited check?
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