Some time ago checks were a common form of payment. Now they are not used as much anymore. but it does not mean that they have disappeared. Actually, they are still operational and within the types that exist are the nominative ones. But what is a personal check?
Below we will talk about it and everything you need to know about these types of checks according to the type of recipient (and payment methods).
What is a personal check
It is possible that having read the word nominative check you understand that it is a check that goes to the name of a person. And the truth is that you would not go wrong. It is a payment document that is always issued in the name of a natural person or legal, which means that only that person can collect the value of it.
Is one of the safest payment methods because you have to identify yourself when collecting it, although within these there may be two types:
- To the order. They are checks that allow an endorsement, that is, transfer the right to pay to a third person.
- Not to order. They are checks where it is the beneficiary who, obligatorily, has to collect it.
In general, the data that a nominative check has is the following:
- Full name of the beneficiary.
- Amount to pay (both in number and letter).
- Date and signature of the person issuing the check. This is important because if it is not signed it cannot be made effective and the date allows you to know how much time you have to collect it.
The crossed nominative check
Within what are nominative checks, you should know that there is a widely used type. The so-called crossed nominative check. What does it consist of? It has the particularity that, on the front of the check, two parallel lines are drawn. These indicate that the amount of the check will not be able to be paid effectively. That is to say, with hard and cold money, but rather forces the payer to have to put that money in an account where he is a beneficiary. In other words, they are checks where cash is not charged.
The reason for this is not "annoying" as you may be thinking, but rather It is an extra security measure so that nothing happens in case of theft of the check, or loss, and thus it will be known exactly who is the person who has really collected it.
How to write a personal check
If you've never done it before, the personal check really isn't much of a mystery.. The only thing you need to do this is to know the full name of the person, or of the legal person, to whom to extend that check.
However, you can put the modality you want, that is, "to order" or "not to order", as well as the possibility of forcing the check to be deposited in a bank account without the possibility of receiving the money in cash.
How to cash a personal check
And speaking of cashing... Do you know how a personal check is cashed? In fact There are several ways to do it, we tell you all of them.
Cash
That is, receiving the money in a material way. To do this you have to go to the bank that must pay that check and you will have to identify yourself so that they verify that the name on the check and yours match (otherwise they will not give it to you).
Now it is possible that by cashing the check, if you do not do it in the same bank of the check, they charge us commissions (which are often quite high). Hence, many go to the banks of the check to avoid these commissions (whenever possible, of course).
for compensation
This really strange name It refers to depositing the amount of the check in an account of which the beneficiary is the owner.
In this manner the bank is not obliged to ask the beneficiary to identify himself, but it is important that the account where you are going to enter is yours (either as the owner or as authorized).
Again, if the deposit is from a different bank we will be before a commission "for compensation".
Endorsement
The endorsement is a totally different form of payment. And it is that if the nominative check is one that only the person who has written it can cash it, the endorsement allows you to transfer that check to someone else to cash it.
What is done is transfer the rights to another person in such a way that they can collect. And how is it done? If it is to a person, it is written on the check itself and must be signed by the "holder". If it is only for the bearer, it will only have to be signed on the back.
Yes, Whoever collects it can bear the so-called "State stamp" What is the bank going to charge you for doing it?
For example, imagine that you have a check made payable to your father, but he is blocked and cannot go to the bank. In this case, an endorsement can be made to another person so that they can collect it (and thus not lose it).
Does this check expire?
In case you don't know, checks generally expire. They are governed by Law 19/1985, of July 16, Exchange and Check. And in it, specifically in title II, chapter IV, article 135, it is said that checks that are issued and paid in Spain will expire after 15 calendar days (from Mondays to Sundays). That is, if you take more than that time it will not be valid.
In the event that they are foreign checks but to pay in Spain, the term is 20 days; and if they are charged outside of Spain and Europe, So it's 60 days.
In the event that the last calendar day is a non-business day (Saturday or Sunday), it would go to the next business. For example, imagine that it expires on Saturday the 15th. The deadline would be extended until Monday the 17th. But nothing else.
As you can see, the personal check is a payment method that becomes more secure since it is the person on that check who can cash it. Do you have more doubts about him? Put them in comments and we will try to answer them.