The popularization of consumer technologies has changed the way you deal with many aspects of daily life, including the way you deal with money. Nowadays, credit cards and internet payments dominate financial transactions in commerce, but that does not mean that older means do not have more advantages. This is what currently happens, for example, with a check.
Despite the practicality it represents for consumers, the credit card weighs on the side of merchants, who need to pay fees to operators. As a result, product prices may increase. That is why, for those looking for discounts when buying, the use of the check is still a good idea. With this means of payment, storeowners do not need to pay operators anything, thus being able to offer more affordable prices to consumers.
Another advantage of the check is the possibility of agreeing with the merchant the date that the amount will actually be paid, which allows the consumer to make a purchase even if at that moment he does not have money in his account, without having to resort to credit.
However, when deciding to go shopping with a checkbook, it is necessary to take some extra precautions. The recommendation is that, when filling out the paper, write carefully to avoid scratching or leaving blank spaces, which can make room for adulteration. Another tip is to avoid going out with too many check sheets to avoid loss or theft.
Advantages of using bank checks
The bank check is used more frequently to move large amounts of money and when there is no trust relationship between the seller and the buyer. Although not mandatory, it is therefore widely used in the deeds of purchase and sale of real estate and in the purchase of automobiles. The main advantages are: security, the handling of large amounts and the possibility of keeping a better record of movements.
When it is filled in with the name of the beneficiary, even if the check is lost, it cannot be withdrawn by anyone else. In this way, thieves will always find it more difficult to cash a check, taking into account the associated security rules.
Also, in order to ensure that the money is only received by the person or entity for whom the check is intended, you can and should issue the check “not to order”. This prevents it from being endorsed, that is, assigned to another person.
In addition, if you want to send money by mail, the check turns out to be a safer option. Firstly, for the reason mentioned above, and secondly, because a check goes unnoticed in an envelope, compared to notes.
Companies usually use personal checks to send the mail. In this case, the note “Only for settlement” on the check instructs the drawn bank to cash the check only by crediting it to the account. The crossed check is thus to a certain extent a special form of the bearer check, which, however, may not be paid out in cash by the bank drawn. As a rule, the recipient must submit the check to his bank for collection and crediting of the equivalent value to his account or if its checks online then must follow the online rules.
Incidentally, the instruction only applies to the relatedBank, the bank of the submitter can pay this out in cash at his own risk. But this will certainly be the exception if you know the customer or the check issuer well and their creditworthiness is beyond doubt.
As a rule, this prevents an unauthorized person from intercepting the check, cashing it in cash and then disappearing without a trace. But the fact that you can trace the redemption back to an account doesn’t necessarily give you anything in the event of damage if the account has already been closed and the account holder has run away.