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A compliant check It is a representation of a credit instrument that contains the promise of having to pay the amount indicated on demand. In practice, it consists of checks that banks issue before payment and that they are obliged to pay them at sight when they appear. The issuance of a conformed check presupposes a prior availability of the indicated money, in other words, that the amount deposited exceeds the issuing bank, which will be the one that pays that amount.
Certainly more than one has to think that a bank check and a conformed check, but the problem is that it is not distinguished between one and the other, so it generates confusion. However, they are very different and the consequences of opting for one or the other can have a dramatic change. So the question before making the decision of which one to use makes a lot of sense.
The conformed check It is a normal check, the typical check from a checking account, the kind that have a check book. What makes it special is the compliance clause that is indicated on the back that said clause in the bank records that there are balances in the account, retaining them to be paid against that check. What happens regularly is that, if they demand that the check be conformed, you must present yourself to the bank, issue the check, that they retain the money in the account and seal it as we already mentioned, so that the money cannot be solved for other purposes .
Instead of, the bank check is different. El cheque lo emite el propio banco, por lo que no se necesita que el client tenga una chequera. Tampoco hace falta tener una cuenta en el banco emisor. Ya be contra efectivo o contra dinero depositado en una cuenta, el banco emitirá un cheque contra sus cuentas internas. El emisor del cheque es el propio banco, que está obligado a pagar.
You will certainly wonder if you are not so much guaranteed by the loading formula. The solution is no, not in the same way. This is because the check made keeps the money for us only throughout the period indicated in the clause, which is usually 15 days. After that date, you can try to collect, but it is not a guarantee. At the same time, such a hold on the account cannot be opposed to a garnishment or bankruptcy, which is why we may face unpaid checks.
The bank check has no expiration date Especially when the guarantee works, this is because the guarantee is based on having a direct issuance by the bank itself. If the check legislation is reached, all bank checks, whether compliant or not, must be present to be cashed within 15 days after issuance, but this does not mean anything else. that if this is not done, certain legal advantages could be lost in the event of non-payment.
It is evident that in the case of bank checks that risk is irrelevant to date, so it is not unusual to find bank checks that can take up to three months to clear. This is why and considering that the cost is regularly the same, I believe that the bank check is clearly imposed, for general security, universal at the same time as its remarkable convenience.
The conformed check It differs from the bank check also in other aspects, such as that, in the case of the check, the bank is obliged to pay the amount indicated in the document and therefore the bearer of the check has the absolute certainty that the bank will respond and pay the amount indicated on title only when covered. In other words, only when there are funds in the account of the client that was the issuer of the check. Although the bank check runs the risk of being written without funds, on the other hand, conformed checks are not in any danger.
Conditions for the validation of the check
There are some conditions for the validation of the compliant check to be carried out. We explain them below:
- That there is an indication that the indicated sum will be paid upon request.
- That it be inserted in the title of the denomination of conformed or in addition it can be in the one of visa or certification.
- For the name of the holder to be registered, this is because, as it is a value on demand, it cannot be issued by the holder.
- That they have indicated the date and place in which the title was issued.
- That it is signed by the bank that issued the check.
The presentation of the conformed check It must be within a period of approximately fifteen days from the moment it was issued by the bank or within the terms indicated above depending on the place where the check was issued. Undoubtedly, the check is one of the most used payment methods in the world. The check is not only used to pay for goods that are purchased in stores, but is also used by a company to pay its suppliers or an employee who has worked as a self-employed person, among other cases.
Generally speaking, the check is a document or a pay order that it has been written what empowers the person to whom it is extended, to be able to withdraw a sum of money in cash and that it is deposited in a bank account that regularly corresponds to the person or company that makes the payment, in other words, the signer of the check will have a bank account in that bank that will be able to issue the check in question.
In as much and as a good way of payment so popular, we can find different types of checks, the check being one of many.
The compliant check It is that type of check in which the banking or financial institution is the one that has to pay it, the person who must be in charge of collecting it ensures that he will be able to do it according to because the person who delivers that check may have sufficient funds to cover this payment. In other words, with the check made, there can be no doubt for whoever receives it that the money to be delivered is the same as that indicated to pay.
This means that for the the conformed check is recognizable and valid As such, the financial entities that issue it must place in the payment document a clause or legend that specifies the contract, certificate, among the most common, at the same time as the signature.
There is also another issue related to issuance of this type of check in particular and is that the bank usually withholds in the customer's account the amount that must be paid through the check made. This ensures that the funds are available anyway. It should be noted that the bank that has issued that is about to issue this type of check will charge its client as a commission.
Just as the reason for the aforementioned checks is that their collection is undoubtedly guaranteed, there are many creditors who request them to guarantee that they will receive the payment that is owed to them. The conformed check It is a type of check that is characterized by offering a payment guarantee. From this dynamic, a person who has received one of these documents will have full assurance that within a certain date they will be able to go to claim the money that corresponds to them and avoid any type of related problem.
Conformed checks are one of the variants that make it possible in this circumstance to have a guarantee regarding the collection of the document. This in effect is in the case of a normal check that is given the opportunity to be cashed and will be subject to whether there is money in the bank account or not, this fact can lead to scams or problems of non-payment due. to the temporary lack of liquidity.
As you can imagine, a check of this type has a great number of advantages for certain circumstances, in which the collection of money is doubted. From this dynamic, it can make up for the lack of trust in the person who writes the check or the fear of non-payment of a large sum of money, which is why a satisfactory solution is offered in this regard. Therefore, the check made can also be understood as a guarantee.
