John Fraudster deposits a check at ABC Bank into the account of Bill Customer, check is fraudulent (how, we don't know yet) and written against XYZ Bank. Check clears, and next day John Fraudster enters ABC Bank with ID showing him to be Bill Customer and removes the same amount of funds deposited previous day.
Bill Customer is not out any money.
John Fraudster is walking away with whatever the amount is, chances are you will never find him
ABC Bank may or may not be out any money, depending on how the fraudulent check was returned to them, if it even was. If it was returned timely to them, they suffer a loss.
XYZ Bank would need to make a claim for fraudulent item (signature, altered amount, altered payee, other?) back to ABC Bank within the proper timeframe. If no claim made, or made untimely, then XYZ Bank is out the money. Depending on the claim type, timing of notice from their customer, and their account agreement, they may owe their customer funds.
Providing alternative truths since the invention of time