
No one can afford to go to its client or service provider to pay for its services. That is the reason, financial institutions or banks started the culture of issuing check books to its account holders. A single leaf of your cheque is beyond 8.9”x3.6” piece of your paper. Truly speaking, you are issuing a document that is giving order to your bank to pay a amount mentioned in the check to a person or a company mentioned in bearer column. It has been a safe, secure method of doing payments since years.
You are giving unconditional order to your bank
A small leaf on your check book is an order to your bank to pay mentioned amount to the payee’s name mentioned in the column. While you are planning to pay a certain amount to a person or a company so keep in view few guidelines that can save you from unnecessary charges levied by banks on account of bouncing. Bouncing is not termed with less funding than you issued a check. Your incorrect signature, using MICR code, forgetting to fill the date and mismatch between amount in digits and words are the reasons behind charges in your account.
Review every details before submitting your check in the bank
Usually, people issue cross-check to their clients. Drawing 2 slightly bent, parallel lines at the left corner of your check make it crossed-check. It ensures that the mentioned amount will directly go into the account of the person to which check is issued. Please review the amount in figures and words before submitting in the bank. Your signature should be above the MICR band. This portion of the check leaf is to check the authenticity of the check electronically. Don’t overwrite or cut any letter. These kinds of checks are not accepted by any of the banks.
In earlier days, carry a check book was a status symbol for big merchants and company owners but now every single individual at attaining the age of 18 years can demand for its own check book from its bank. The best part of doing payments via checks is enhancing your creditability in the financial market. All details of transactions are reflected in your bank account. If any of your client, business partner denies to receive the payment that you paid via a check, you can show the bank details. It is a kind of availing the help of financial assistant from your bank without any extra charges to it.
If a situation occurs then you can issue bearer check. You just have to write bearer in the column of the name of the payee. The bank will verify your signature and your requested amount is hand over to the bearer.
Date on your check save you drastically from bouncing charges
When you are filling your check, think about the date. The corporate world runs on the culture of post-dated checks. Make sure, your account contains sufficient funds at the date of issuing the check. A check offers you facility that the name of the payee is fixed and mentioned amount on the check cannot be changed. Hence, you are saved from frauds. It is advisable to keep records of checks issued. That helps a lot in situation of any disagreement or conflict in relation to the payment.
You should pay respect to your hard-earned money. Any minor error on your check accelerate burden on your shoulders with particular charges. You can avoid those charges with little carefulness while filling details of name of the bearer, amount in words and digits, date and your signature. The above-mentioned information in relation with how to write a check must have provided you all the guidance to avoid all the charges and maintain big amount in your bank accounts.
#check #financial #services #money
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