Although it is less and less common to go to the bank to cash a check, as digital transfers or deposits are gaining ground, some people continue to make payments in this mode.
If this is the first time you have to go to the teller window to endorse a check or simply exchange it for cash —or to your account—, keep the following in mind.
A check is a document called a ‘security certificate’ signed by the owner of a bank account for a certain amount of money. By issuing one in someone’s name, the person authorized to do so —called the drawer— gives another person the right to withdraw money from your bank account without needing your presence.
The main objective of this document is to issue a payment without having to transport cash, they explain in the Practical Finance blog. In turn, the beneficiary is given the freedom to choose the time and place in which he wishes to make the payment.
A check must bear the name, contact and signature of the person who issues it and the state entity of the bank. In addition, according to Edifact, the person who is going to collect it can be designated in different ways:
And if you wonder if checks expire, the answer is: it depends entirely on the regulations of the issuing bank. But as a general rule you have approximately 30 business days to make the payment.
In order to cash a check, you must go to any branch of the issuing bank with an official identification. For example, if it is from Banorte, you must collect it at a Banorte branch.
It is also necessary that on the back of the paper you write your full name, address, telephone number and signature. Check that everything is spelled correctly.
Later, they will ask you if you want to receive the money in cash or have it deposited in a bank account.
If a check can be cashed in the name of another person, only in order to do so, it must be endorsed. That is, make it valid by means of the signature of the holder. This validates for a third party to make the payment.
If you want to endorse a check, the Finance and Credit blog recommends following these steps:
If the check was endorsed in your name, remember that you must cash it within 15 days after it was issued.
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