Banks use information relayed on paystubs. A paystub is used by financial institutions in telling whether the loan applicant is in a position to acquire a loan. Transactions of payment are notified to the employee through paystubs. Net earnings of the employee and related deductions are revealed by a paystub.
However, banks require this pieces of documents to evaluate the eligibility of the employee to acquire loans from them. The financial institutions have the objective to make sure the related paystubs are valid and real. In order for the loan ineligible employees to acquire loans, some other parties alters and puts false information on the paystubs. The fake paystubs have false information. The payment details of the employee is the information that is commonly altered. Putting false details in the paystubs is done to help employees. acquire loans from banks. This paystubs are also use in a variety of activities like when renting a house or leasing some equipment. The borrowers’ and tenants’ credibility is conveyed by paystubs.
The banks institutions or renting and leasing entities must examine the paystub document before carrying out any loaning transactions to their clients. This can be done By verifying the rudimental information relayed at the paystub with the information relayed on the security cards like national identity cards or passports. The relevant financial institution must make sure the information on other documents matches with what is relayed on the paystub.
Paystubs’ quality should be examined. The means through which the paystubs are printed and produced tells a lot about the quality of the paystub. To know where the paystub is tampered with, the characterization of letters and numbers should be examined closely. This may include non-matching fonts, improper spacing of the numbers and some evidences like presence of dark lines that shows signs of editing. The layout of the paystub tells whether it is real or fake paystub. The columns and rows in a paystub must add up according to the numbers and letters that are in the document.
The document’s numbers must be closely checked to reduce any chance of false information. The employee’s date of payment by their employer is one of the key numbers that should be noted. The mode of payment of the salary of the employee stated in the paystub must match the employer’s way of paying its workers. There should be no conflict of number while assessing the duration of working and payment of the work done by the employee and their earnings. This shall depend on the period through which they are paid with the total yearly earnings in which the amount must equal the amount they paid after that specific duration. Tax payment inquiry is important in understanding whether the paystub is fake or real.