Let's say XYZ company receives checks in the mail made out to "XYZ Company" for products or services it sells, etc.
The checks are held at the company until physical deposits at the bank are made 2 or 3 times a week. Disregard the possibility of electronic deposit or matching the checks against sales orders, invoices, etc.
My question is whether anything fraudulent can be done with those checks by a corrupt employee such as depositing one or more of them in their own account (even though the checks are made out to "XYZ Company").
When a company holds checks for an extended period of time, yes it increases the risk of loss or destruction (in case the building burns down, etc), so you want to get those checks in the bank ASAP. But what I'm wondering is if someone is able to do something (to enrich themselves for example) with checks made out to a company. Thank you.