Are you making these illegal money mistakes? Make sure you avoid illegal money habits so you don’t have to deal with the harsh consequences once you do get caught. While it might seem like “everyone else does it,” the authorities are always on the lookout for even what seem like minor crimes.
Forging Signature of another Person on a Check
This even includes adult children helping their elderly parents who can no longer write themselves. It is still considered forgery unless a power of attorney has been enacted in that circumstance. Otherwise, always use your name on a check no matter what.
Opening Credit with Fake Identity
Have bad credit score but need to obtain more credit because of financial troubles? Using your young child’s name and information is a high offense crime that many people get caught doing and go to jail for. It is an identity theft and isn’t worth the risk.
Giving Fabricated Details on Home Loan Application
Always be as accurate as possible with home loan application forms, even if you have a feeling you won’t be approved. Lying or “fudging” information on an application is actually illegal and can lead to hefty fines or jail time, which is more expensive and troublesome than a denied home loan.
Writing Checks That Could Bounce
Bounced checks, where the person knows beforehand, is in fact, illegal. There are better ways to ensure that you have the necessary funds to write a check that isn’t considered “bad,” such as help from banks.
Mutilating Currency Notes
It seems everyone does it, whether it’s giving one of the presidents a new beard with a pen or tearing or ripping it, but defacing U.S. federal currency is actually considered illegal. Make sure you stop the habit as much as possible!