The concept and types of checks. Payments by checks

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Today, the concept of a check is becoming increasingly popular. With it, you can not only pay bills, but also make payments for goods and services. We will tell you more about what types of checks are, as well as about the principle of their work in this publication.

General concept of checks and books

How wonderful to watch from the TV screen when a we althy foreign citizen pays for a hotel room or other services with a check from a beautiful book. Another thing is that very few people know about this concept. In particular, many are confused by the details of the execution of this operation. For our part, we will try to shed light.

So, let's take a closer look at the concept, types of check and the general characteristics of this calculation system. The check form implies the use of certain securities held by the payer.

Moreover, all checks are stored in a special book. With its help, the holder of a check can make a payment in favor of the recipient of the check for the amount specified in it. It is noteworthy that only the financial institution in which the drawer had previously opened an account can act as the sender's bank. It is from him that in the future they willfunds are debited, but exactly for the amount indicated in the check.

What information should a check contain?

Considering the types of checks in more detail, one cannot but say about the information that they must contain. So, they indicate the following information:

• document name (a kind of check);
• payable amount;
• information about the payer, indicating the number of his account (it is from him that the payment will be made in the future);
• currency for payment;
• the place where the check was drawn up and the date it was filled;
• signature of the drawer.

It is noteworthy that in the absence of at least one of the necessary items, the check loses its original value. We will tell you more about what types of bank checks are later.

What are checks?

In total, the types of checks can be divided into two large groups: transferable (order) and nominal. As a rule, the name of the holder of the check is indicated on nominal checks. Transfer or order - in turn, can be issued in favor of another person. Moreover, if the amount on the check will be paid in cash, then such securities are called cash or cash.

If in one of the columns of the document there is a mark "settlement", then it cannot be received in cash. However, this amount can be written off by bank transfer. This procedure is performed from the account of the owner of the book. But to transfer money really exclusively to the account of the bearer. Such operations are calledcalculated. Moreover, if the number of a specific account was indicated when filling out the document, then the check recipient has the right to transfer funds only to it.

In addition, payments are made by checks (types of checks and a general concept about them can be found in our article) for the recipient. Unlike the previous types of securities, these are issued without specifying the check recipient. Later, when the owner of the carnet decides to pay for any services or goods provided by a private individual, he indicates the intended recipient on his payslip.

What are crossed, bearer and warrant checks?

In turn, the types of bank checks can be divided into cross, bearer and order. A crossed security is translated as crossed out. It may contain a slash (one or two) or an inscription. However, there are also cases when a line and an inscription are used simultaneously. This crossover can be performed by both issuers and recipients.

Crossing is special and general. In the first case, such securities indicate the name of the financial institution responsible for issuing the book. This means that exactly the bank that was indicated during the crossing is engaged in cashing or paying for such a check. In the second case, the name of the credit institution is also mentioned, but a new mark is additionally introduced - “bank”. However, these types of settlement checks are not cashed. The amount indicated on them can only be transferred torecipient's account. Of course, then they can be exchanged for domestic currency, but this will take time.

Do not confuse several identical concepts

In addition to securities, other information carriers that are similar only in name take part in the calculations. So, for example, cashier's checks are found in retail outlets. They are a special receipt printed on paper.

The most common of these types of checks in the store, supermarket and other points of sale of goods and services. As a rule, they are printed on a special tape coming from the cash register.

The following information is indicated on such media:

• store name;
• address of organization or branch;
• price of purchased goods or services;
• legal form of organization;
• check number;
• TIN of cashier or merchant;
• amount including taxes and fees (often the amount received and the size of the issued change are also signed);
• operation time;
• email address or organization website;
• thank you (Thank you for your purchase!).

However, these types of cash receipts are issued after receiving cash from the client or making a payment with a card. Sometimes they must be presented to receive the goods already paid for.

Varieties of cash receipts: what are they?

Depending on their purpose, as well as the variety of goods and services, types of cash receipts are conditionally divided into: paper and electronic. In the firstIn the second case, the client receives a printed check on paper, and in the second case, only its electronic version.

By the way, upon receipt of an electronic form, it can always be smoothly converted into an alternative paper version. But to do this, you first need to print it. You can actually receive a check in electronic form after paying with a card or when using virtual currency in online stores.

What is a sales receipt?

In addition to the above, there are other types of sales receipts. In particular, they include paper media used by private entrepreneurs for reporting. In this case, we mean the form of a sales receipt, which is an excellent addition to the previously received cash document (receipt). Usually it does not apply to standard strict reporting forms because it performs an auxiliary function. However, it contains the following information:

• name and type of document;
• contact details of the entrepreneur;
• TIN;
• receipt date;
• form number;
• full list of goods and services;
• amount;
• signature and full details of the responsible person issuing the check.

It is noteworthy that information about each of the purchased goods and services is recorded in such a document (taking into account its cost and weight). For greater convenience, various types of transactions with checks are recorded in the appropriate account book or cash book.

What can I do with checks?

If we talk about standard securities placed in the book,they can be used to pay for goods and services. Thanks to paper media, you can get the product or service itself, but only after full payment. In addition, it is the cash carrier that will help resolve a conflict situation, for example, if you purchased a defective product or a low-quality item. Or there was some confusion with the price. And sales receipts help keep track of the number of goods sold and calculate the final amount.

Types of checks in Sberbank

There are settlement checks in Sberbank. It uses monetary documents certifying the right to receive a certain amount (usually it varies between 10-100,000 rubles). They are issued in the name of the client, but only after he has deposited money into the account. It is noteworthy that no more than one check can be issued to one name in a banking organization. If desired, this document can be rewritten in the name of another client. But in this case, the new owner gets all the rights to it.

These types of checks can:

• paid in cash in favor of individuals;
• be used as payment for a product or service;
• will be used to confirm payment for a product or service.

Sberbanks used to work with so-called traveler's checks. We talk about them below.

What are "travel" or travel securities?

Another type of payment documents are traveler's checks. These securities are usually issued by travel agencies, banks, international monetary systems and other financial institutions. In fact, they are a kind of settlement documents that allow you to buy a particular service or product. Any individual can be the owner of such a payment medium. At the same time, at the time of making a purchase, the future holder of such a document is obliged to put his signature on it.

Payment situation in Russia and abroad

Unlike most foreign countries, these types of payment are not common in the Russian Federation. However, some financial organizations are still involved in them, for example, earlier it was Sberbank of Russia. At the moment, you can exchange and buy such payment documents at Svyaz-Bank, VTB Bank of Moscow and Uralsib Bank. It is noteworthy that some of them even arrange original promotions with prizes, the purpose of which is to draw attention to a relatively new type of payment.

American Express payment instruments can be purchased at securities banks. At the same time, the face value of such checks ranges from 50 to 500 US dollars and euros. The size of the commission for their purchase in this organization is charged within 0.5%. Domestic rubles or foreign banknotes are usually used as the exchange currency.

Here, lovers of these types of documents have the right to pay with them. In this case, the required amount is debited from the check holder's account. True, you can pay in this way only in duty-free shops (duty-free). Otherwise, the documents can really be exchanged for domestic or foreign currency at the current exchange rate of the bank.

These checks are very popular in America. Here withthey can be used to buy any goods and services. Therefore, when traveling around the United States, feel free to stock up on payment documents equivalent to local currency.

How to find banks to exchange and buy?

In order to find a suitable organization where you can buy or exchange your traveler's checks, you need to go to the official Russian-language resource American Express aetclocator.com. Here you should set the appropriate parameters, according to the results of which you can find the nearest branch of a financial institution to you. For example, choosing the country Russia and the city Moscow, you can get a list of seven branches of Svyaz-Bank.

Similar information can be found on the website americanexpress.com, after selecting the country and preferred interface language.

Varieties and features of travel tools

The following types of traveler's checks are currently known:

• American Express and Visa Interpayment.
• CitiCorp.
• Thomas Cook Mastercard.

The most popular are American Express. They belong to the most famous issuer company, and are issued for the following type of foreign currency:

• Australian and US dollars;
• Saudi Real;
• GBP;
• Chinese yuan;
• Canadian dollar;
• euro;
• Japanese yen, etc.

Currently, only dollar securities and euros operate in Russia. The rest are practically unpopular. For the same reason, there are very few of them in circulation.

How to purchase and is it difficult?

In order to purchase traveler's checks, you need to come to the selected bank branch, clarify the exchange rate and order documents of a suitable denomination. In this case, from the documents you will need an internal or foreign passport. After receiving them, you must put your signature in the upper left corner. This action will help to avoid the troubles associated with the loss or theft of your payment instruments. In other words, no one will use them except you. A receipt will usually be issued to confirm your purchase. It describes the essence of the acquisition, the face value, the amount spent and your contact details.

What are the benefits of travel tools?

The use of traveler's checks comes with a number of benefits. For example, these documents do not have an expiration date. For this reason, they are often not only kept for years, but can even be inherited.

The second advantage of using checks is the ability to withdraw a large amount of money abroad. In this case, no restrictions are assumed. This is especially convenient when the ultimate goal of your trip is the purchase of real estate or a vehicle. However, if the amount exceeds $10,000, then it will be necessary to enter it in the customs declaration.

Moreover, checks are perfectly convertible abroad. By exchanging them for local currency, you can save a lot. In addition, the size of the commission for the exchange of one security often does not exceed one dollar.

Is it safeuse?

The use of traveler's checks is absolutely safe. Even if you lose at least one, the nearest branch of your bank will help you solve the problem. To return payment documents, you only need to present a payment receipt or indicate the numbers of lost payment orders. And, of course, all travel documents are registered. Therefore, no one will be able to use them except you.

Negative points of use

Among the negative aspects of using traveler's checks is the fact that you will have to deal with cash anyway. These are the ones you will receive as change after your purchase. And the presence of cash abroad is always associated with certain risks, for example, loss or theft. And, of course, if you need to exchange your documents for local currency, you will have to look for banks that perform such operations.

If we talk about checks in general, their convenience is obvious. They allow you to simplify the process of obtaining a product or service, but at the same time are associated with certain nuances. In particular, in Russia you will still have to run around in search of outlets that accept them. The situation is quite different with credit cards. They are accepted everywhere, cashed and exchanged.