Checks are basically written for the transfer of funds from the account
of a check holder in a bank or any other depository institution. The
purpose of checks is similar to that of money, easing transactions.
One needs to keep in mind certain things to avoid problems on a later
date. Take care that you use a proper pen, preferably use an ink pen.
All the information should be filed in carefully. Look out that the
numerical and written check amounts match. In case of cancellation of a
check, be sure to keep an account of it. That will help you in matching
and reconciling your accounts. When you sign, sign in a legible manner
since a scrawl is easier to copy. Draw a line once you are through
filling the amount of a check. The line ensures that the blank space
cannot be filled later.
The banks have a certain set of rules and regulations in order to
protect themselves against frauds. In order to cash a check at times
you might even have to give your thumbprints in case of getting a check
encashed at a bank other than where you have an account. The state law
does not enlist the means of identification of a person. It is up to a
bank to decide the means of verification. In most cases it is the ID of
a person. The banks have the liberty of refusing a check that could
have been issued by the Government also at times. This is again done by
the banks to protect against the risk. The customer might be a
trickster and once the check is encashed the bank never gets to see
that person again. Moreover, a bank might not have the requisite cash
for offsetting the credit. The banks may be ready to go that extra bit
for their own customers but not in case of non-customers. A bank is
also not obliged to pay for a stale check dating more than six months,
with the exception of a certified check.
In the case of bad checks the state law imposes a criminal penalty. A
bad check means refusal of payment upon the presentation of the check,
which is in the knowledge of the issuer. The penalty ranges from a
misdemeanor to a Class D felony, depending upon the amount of the
check. A customer has a right to stop payment on the check by giving
the bank a clear notice that it has reasons to stop it. An oral order
has to be backed by a written complaint within a period of 15 days. The
order for a stop payment holds good for six months.
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