Check Kiting
Check kiting involves the use of a second bank (or third party), usually a place of retail, in order to delay the absence of funds in a transactional account on the day the check is due to clear at the bank, essentially robbing Peter to pay Paul. Such acts are frequently committed by broke or temporarily unemployed individuals, small businesses seeking emergency loans, pathological gamblers who plan to deposit funds upon winning, and folks who want to artificially inflate their balances in order to increase the interest paid by their bank.
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Check kiting is illegal in the United States and can draw a fine of up to $1,000,000, imprisonment for up to 30 years, or both, and many first-time offenders with no criminal background have received stiff sentences. The most notorious "bad check artist" of the 20th century, Frank Abagnale, devised a scheme to put incorrect MICR numbers at the bottom of the check he wrote, so that they would be routed to the incorrect Federal Reserve Bank for clearing. This allowed him to work longer in one area before his criminal activity was detected.
Times have changed and modern technology has caught up. Most banks now use an electronic receipt system which instantly records and in many cases processes cash transactions. This technology have essentially eliminated or reduced "float time" between banks. It is now much more difficult to withdraw funds from one bank and deposit them in another before the two banks can compare transaction records. Without significant float time, check kiting schemes have become too risky for many professional paper hangers and con artists.
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