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May 07, 2019 · Carried out within the banking system, kiting typically involves passing a series of checks at two or more banking institutions, using accounts that have insufficient funds. Relying on the float...
Home » Accounting Dictionary » What is Kiting? Definition: Kiting, also called check kiting, is a fraudulent scheme that uses checks to embezzle money from a business. Kiting is usually committed by a bookkeeper or someone else with access to company checks and the ability to forge checks, but it can also be used by the company.
Also, there are a number of kiting indicators to look for, including the following: A large number of check deposits each day Many checks are drawn on the same bank A large proportion of cash in an account that has not yet cleared the paying bank Deposits being made through multiple bank branches, ...
kiting definition This activity, which involves playing the float, is sometimes used when a company is facing an overdrawn checking account. Assume that a company has a checking account at NY Bank that is about to overdraw. To prevent the NY Bank checking account from overdrawing, the company deposits one of its checks drawn on its PA Bank.
Check kiting requires at least two accounts, and very often involves two or even three banks. The money rotates in a complete circular fashion between accounts. Hicks says a kite can take down a...
The account is not being used as a business operating account. Each day the amount involved gets larger. How should we address this? Is there a specific Regulation we can site for closing the account? Closing Account Due to Kiting. 11/15/2015. We have a customer who we suspect is kiting.
Jun 26, 2018 · Check kiting is a common form of white collar crime and check fraud . It involves drawing a check for a greater amount than is contained in the account. The check is then deposited into a different account. Before the check clears with the first account, the funds are immediately withdrawn from the second account.Author: Ken Lamance
Nov 15, 2015 · The one thing you definitely should not do is accuse the depositor of kiting or any other crime. There is a time-honored practice that is best to follow: say as little as possible. Simply inform the customer that bank management has decided not to continue the customer's banking relationship, that the customer should refrain from depositing additional funds (assuming the balance …
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