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I received a Canadian Money Order in the mail for a business transaction. The bank cashed it and now they say it was counterfeit

The bank transferred my savings account balance to my checking account balance and took all my money. They have sent back my car insurance payment, and are charging me a returned check charge and "accounting" fees. They did all of this and only contacted me today. How am I to know if a Money Order is counterfeit when they don't even know? Is this legal?

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Attorney answers (1)

Reputation Level 19
Works the same as when a person deposits a bad check. The bank doesn't eat the loss, you do.

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