Recently, Wachovia Bank mailed 740,000 checks reimbursing victims of a nationwide telemarketing scam. The restitution checks totaled over 150 million dollars. The FTC sent out a recent statement urging consumers to cash or deposit these checks. So if you received one in the mail and were unsure of what to do, cash it!

The FTC typically warns consumers against endorsing checks that arrive randomly or without explanation. However, the FTC wants to make sure everyone is aware that the Wachovia checks are legitimate. Click HERE for more information.

According to the FTC, from 2003 to 2007 several groups of telemarketers made fraudulent claims to obtain bank account information from US consumers. This information was then used by third party payment processors to create unsigned checks in the name of the consumer. Complaints allege that "Wachovia opened bank accounts for these payment processors and accepted for deposit the unsigned checks that originated from telemarketers."

The December settlement entitles victims to reimbursement of funds deducted from their accounts. In addition, consumers may apply to recover bank fees incurred as a result of the unauthorized charges.

If you have questions or think you might qualify for reimbursement check out this website maintained by the Department of Justice (DOJ), Office of the Comptroller of Currency (OCC), and private class action counsel, http://www.restitutionpayment.com/.