First Tennessee reports counterfeit cashier's checks

First Tennessee Bank has reported the circulation of counterfeit cashier's checks bearing the institution's name and routing number, according to a statement released Wednesday by the Federal Deposit Insurance Corp.

The report was made to the Office of the Comptroller of the Currency.

The counterfeit checks are identifiable by a number of features, including that they have been printed on standard green check stock with a dark green border and gold seal in the middle, unlike the authentic checks, which are light blue with a white stripe and star.

They have the name of the institution placed beneath its logo, rather than to the right as on authentic checks. And authentic checks do not have an actual signature line.

All falsified checks to date have been made in the amount $3,975 and have the date of either Jan. 7, 2006 or Jan. 8, 2006, show the remitter as Agnes Lawsonn and indicate they were issued from center No. 7274.

A spokeswoman for First Tennessee declined to comment on how many have been found or at which locations.

First Tennessee Bank is the largest bank in Tennessee with $37 billion in assets. It offers various financial services at more than 1,000 locations in 42 states. Its parent company is Memphis-based First Horizon National Corp.. The company employs 3,381 people in the Memphis area.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.