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Michael Shawn Majeed Helps Prevent Bank Fraud

Fraud does not originate from scammers alone. Sometimes it is your own bank that is defrauding you. While sometimes this fraud happens through illegal means, usually bank fraud occurs when your bank charges you based on obscure lines in your terms and agreement section of the contract. They add charges to your account using practices you may not agree with, but you may have already agreed to. Fraud specialists like Michael Shawn Majeed can help you when banks try to pull sneaky tactics like these.

How Bank Fraud Works

Banks are supposed to be keeping your funds safe, but they are also a business, and it is in their interest to make money. If you bank long enough at enough financial institutions you will run into banks that seemingly take any excuse they can to take your money.

One of the most common ways banks defraud their clients is through overdraft charges. Now if you made a payment using your bank account but did not have the funds to back it, they are within their rights to charge you an overdraft fee in accordance with the terms and conditions you agreed to.

But if you have already closed your account, and some charge is added to your account, then you may be wondering why you were charged in the first place. Most people assume that when they close their bank accounts, no more charges could possibly be added to their accounts. At most banks they would be right.

But some banks will allow that charge to go through anyway, just to reap the overdraft fee. This happens all the time at more banks than you might think. Michael Shawn Majeed fraud specialist sees shady bank practices like this all the time. Years of experience in the business has exposed him to numerous fraud encounters.

But while fraud experts may be onto banks that do this sort of thing, most consumers are not.

How to Protect Yourself from Bank Fraud

What many bank customers may not realize is that some questionable practices of banks are not even covered in the fine print. It is important to read all the terms and conditions when you open an account. But it is also import to read the conditions that apply to changes you make when you alter the conditions of your account.

For instance, when you prepare to close your account, check your bank’s policies on closing accounts. Also ask your account manager questions regarding new changes after the closure of your account. If you have concerns that you may receive an additional charge after your account has been closed then get a statement in writing from your bank saying that you will not be charged.

Remember banks have to make money, and they will do what they can to make that money, even if it means defrauding you sometimes. If you want to further investigate your bank, you should use someone like Michael Shawn Majeed fraud specialist who is experienced in these sorts of matters.

With a professional investigator you can determine your bank’s history of fraudulent charges (if any) and find out about pending or past lawsuits against them.

Keep in mind that fraud can come from any source, and protect yourself so it does not happen to you.

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