A check is a document by which a bank undertakes to pay a certain amount in charge of the bank account of one of its clients.
A check must meet the following requirements:
- Denomination. The check must include the word check.
- Name of the drawee. In this case the drawee would be the bank.
- The amount to be paid that will be expressed in euros or in some foreign currency, but will be subject to change according to the official quotation.
- The date on which the check is measured.
- The signature of the drawer issuing the check.
Any omission of one of these data will imply that this document is not recognized as a check.
What obligations does the bank have?
The bank must pay the amount to explain the check as long as the data is correct and charged to the customer's account as long as there are sufficient funds in your account.
What types of checks are there?
There are several types of checks:
- The nominative check . It is the one that is issued in the name of a specific person who will be the only one who can make it effective.
- Travel or diet check . These checks are issued by the bank that is also the drawee. Normally they have fixed quantities already stamped and the possible ones to vary them by hand.
- Bearer checks can be cashed by the person in possession of the check.
- The check made in which the bank certifies the authenticity of the drawer and which previously affirms that there are funds in the user's account.
- Finally, we have the crossed check, this only allows the amount to be charged for deposit into the collector's account.
- Cross check . It can only be achieved through the bank.
- Check to pay into account . We must be users of the bank to enter the check.
- Check window . Actually, this is not a check but a part of it. What it contributes is that this type of check indicates that it has been received.
- Check to order . In this type of check, the transfer of collection rights to another person is allowed.
- Check not to order . It cannot be transmitted or endorsed.
What is clearing a check?
Releasing a check is the act by which a check can be cashed in favor of a third party.
Can the check be endorsed or guaranteed?
In both cases the answer is yes.
The endorsement is made by means of the statement on the check itself and the signature by the endorser, the total amount being without conditions. In this way all collection rights are transferred.
We understand that a bearer check can be endorsed simply by handing it over to someone else.
In the case of the guarantor, it may be for the total or partial amount and must be specified in the check, signed by the guarantor. You must also indicate who is endorsed.
How old is a check?
A check must be paid in the following times:
- 15 days for those that have been issued and must be paid in Spain.
- 20 days for those issued in Europe and paid in Spain.
- 60 days for those issued abroad and paid in Spain.
Can I claim a check?
Yes. We will have to do this within six months from the time we unsuccessfully try to cash the check. This is processed through the exchange trial.
You can take into account that, if the bank does not recognize the originality of the check, that is, the check is counterfeit, this in itself constitutes a crime.
What is a check discount?
The discount is a form used by banks to advance the amount reflected , in this case by check, but it can be used with other formats such as paying.
By means of a check discount before the established date, the bank pays the requested amount less the commission for the service.
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