Accounting Dictionary

Kiting

Kiting is a type of fraud that has 4 steps. 1) You have a checking account with $5 in it. 2) You write a check for $750 3) you open a new checking account by depositing the $750 check 4) you withdraw $700 from the second account before the second bank finds out that the original check has bounced.

This almost never happens because the bank won’t let you write a check on the second account until the $750 has cleared, until they actually receive the $750 from bank one.

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