With lots of bogus checks floating around these days, it’s hard to tell whether an unexpected one that arrives in your mailbox is real or fake.

That’s why the Federal Trade Commission, the Office of the Comptroller of the Currency, and U.S. Department of Justice are alerting the public that checks Wachovia Bank has sent to 740,000 alleged fraud victims are legitimate and should be cashed.

The $150 million in checks are intended to settle charges that the bank acted improperly when it allowed third-party payment processors to debit customer accounts as part of an alleged deceptive telemarketing scheme that operated between June 1, 2003 and Oct. 2, 2008.

Consumers allegedly were tricked into handing over account information, which was used to initiate so-called “remotely created checks,” not requiring the account holder’s signature. The telemarketers sold a range of products and services, including memberships in discount buyer’s and travel clubs.

The settlement, announced Dec. 11, was negotiated by several federal agencies and private attorneys who have been pursing a class action case. Along with the checks, consumers are receiving claim forms that they can fill out to recover any bank fees they were charged as a result of the unauthorized withdrawals. The forms must be filed with the court by March 11. Consumers can request an “easy refund” of $35 or a “documented refund” for their actual documented losses. For more information, visit the official settlement Web site.

Separately, consumers whose payments were processed through a bank other than Wachovia will be receiving $16 million in restitution as part of a settlement with 14 defendants who were accused of taking part in the scheme. Those checks have not yet been distributed. – Anthony Giorgianni