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Check kiting relies on the fact that it takes banks a few days (or even longer for international checks) to determine that a check is bad. Deeper definition Federal banking regulations state that ...
Legal definition of check-kiting: the practice of drawing on uncollected funds during the time needed to clear a check deposited in a bank especially if the check is worthless —called also kiting.
Kiting. The unlawful practice of drawing checks against a bank account containing insufficient funds to cover them, with the expectation that the necessary funds will be deposited before such checks are presented for payment.
Definition. A crime involving writing a check on an account, Account A, with insufficient funds and depositing it in another account, Account B, and then writing a check on Account B and depositing it in Account A to cover the first check written on Account A. Kiting takes advantage of the time it takes banks to clear checks. Before the bank in which Account B is held has time to clear the ...
May 07, 2019 · Kiting is the fraudulent use of a financial instrument such as a check to obtain additional credit that is not authorized. There are two variants of kiting:
Definition: Check kiting is a fraudulent procedure where checks in transit are used to fund issued checks. It is a way to fool the bank by depositing a check from another entity to create a false positive balance that funds new checks being issued.
Kiting Used in banking to refer to the practice of depositing and drawing checks at two or more banks and taking advantage of the time it takes for the second bank to collect funds from the first bank. Also refers to illegally increasing the face value of a check by changing the numbers on the check. In the context of securities, refers to the ...
Check kiting is the deliberate issuance of a check for which there is not sufficient cash to pay the stated amount. The mechanics of this fraud scheme are as follows:. Write a check for which there is not sufficient cash in the payer's account.. Create a checking account at a different bank.. Deposit the fraudulent check in the checking account that was just opened.
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