One of the types of payment for goods or services provided is the issuance of a money order. A money check is a financial document that implies the payment of funds to the bearer of this document. A check can be a personal check - in this case, only a certain person can be the recipient of funds.
Some requirements for a financial check
First of all, you need to make sure that the check is not lost on the way to the addressee. After all, if you do not receive a check within ten days from the date it was sent, it will be returned back to the original addressee. The best way to do this is to rent a post office box at the post office.
In order to avoid problems at the bank when receiving funds, you should indicate your personal data (name, patronymic and surname) in the check, exactly as they are indicated in the passport. If an error is found in the data, the bank may refuse to cash the check.
It is also worth paying attention to the indication of the currency. Checks can be issued in different currencies, but the official currency for payment of collection in any CIS countries is the US dollar, and is accepted in all banking institutions where checks are carried out.
Cashing a check
To cash a personal check, you need an identity document (preferably a passport) and the check itself. When a check is presented to a bank, the teller first checks the authenticity and expiration date. After that, the form for the collection of the check in 3 copies is filled in (in some banks the operator is engaged in this, and in others, the bearer himself fills in the forms).
A bank representative checks the correctness of filling out the forms and makes photocopies of the passport and check. After that, you need to confirm the liquidity of the check by signing on the back of the check in the presence of a bank employee. The signature in the passport and on the check is also checked.
Then the bank representative takes the check and issues a certified form for collection, pays money to the bearer of the check after paying for the bank's services. The check is sent to the bank that issued it.
Each bank receives its own commission for conducting check transactions. The size of the commission is from 1 to 3% of the amount debited, but not less than the value set by the bank. Each bank has its own indicators and they are recorded in operational documents. Therefore, the larger the check amount, the higher the commission for the banking operation will be.
It should also be borne in mind that banking institutions have restrictions on cashing out funds. You can find out how much the bank can cash out on the official website or at the bank branch.
Receiving sums of money by check is a rather lengthy operation. From presenting to receiving funds to a personal account, it can take from 1 to 3 months, depending on the geographic locations of the bank that issued the check and the recipient of the funds.
