The bank check , sometimes also known as a bank check , is characterized mainly by being signed by the bank that issues it . If a bank issues a check in your favor, this means that you will have a bank guarantee, and therefore, the amount of money corresponding to the check will come directly from the issuing bank’s own coffers, so the possibilities of not collecting it are practically null.
What is the difference between a bank stub and a personal one?
The main advantage of the bank stub lies in the issuance itself. When we receive a check from a company , called a personal check, we count on it to have sufficient funds to be cashed. Although this rarely happens (or so we think), the company’s account may not have sufficient funds, so the bank will not accept the check and you will not be able to cash it. Although this may seem like science fiction, this happens and does not constitute a crime, unless it can be proven that this is part of a scam. In that case, you should go to court to report it.
However, when we receive a bank check , this is almost impossible to happen, since the issuer is the bank itself. The only way that you remain uncollected is that the bank is in bankruptcy, something really strange and that does not usually happen. Therefore, the bank check is a totally safe product .
How is a bank stub collected?
To collect a bank check you must go to the issuing bank’s own window , this being one of its drawbacks. With the advent of digitalization of banks, this is changing, and some banks allow charging through the ATM or even through their mobile application, although this is still rare.
If the name of the beneficiary is not indicated on the bank stub, it means that you have a bearer check in your hands . This means that anyone can cash that check without needing to identify themselves. If, on the contrary, the name of the beneficiary appears on the stub, it is a nominative check . This means that you must identify yourself with your original document to collect it, so it is a much safer and more advisable option.
To avoid any type of problems, you must go to the bank within 15 days from its issue date , which must be unequivocally reflected on the check. Once the deadline has passed, you can continue to collect it without problem, but you are at the expense of what the bank itself tells you. In addition, a check can be canceled by its issuer once these initial 15 days have passed.
Does a bank stub expire?
A check of any type expires after 6 months from the expiration of the 15 collection days, this means that if after this time it has not been collected, it is no longer valid and you will not be able to collect it.
Remember not to confuse a check with a promissory note . Currently, check and stub are used synonymously, so they are basically the same. However, a promissory note is a totally different product. This is characterized by (in addition to being always nominative) having two dates: the issuance date and the agreed date to receive the payment, which will be the one you mark when we can go to the corresponding entity to collect it.
