Even today, the check is a very popular means of payment. However, its use is not without risk! It is also not the safest means of payment. When you receive a check, you expose yourself to risks, like a bad check. Indeed, you cannot check the amount available in the sender’s bank account. There are, however, solutions that allow you to limit possible problems. What are the checks to be made before cashing? I tell you everything!
NSF check is also known as bad check. When you are given an NSF cheque, it means that the issuer of the check does not have a sufficient balance in his bank account to be able to actually pay the amount indicated on the said cheque. The check cannot therefore be cashed by the receiver.
Normally, when you present a check to the bank, you will immediately receive the sum indicated, in this case you have to wait a few days for it to be credited to your bank account. But in the case of an NSF cheque, you would never be able to claim this sum, because the money is not available.
What happens when you present an NSF check to the bank? The financial institution will immediately inform the issuer of this situation. He will then have a period of time to regularize the situation. Unfortunately, you may not realize that a check is insolvent until a few days later.
This is the greatest risk involved with paying by cheque. Indeed, when you are given a check, you do not have the option of choosing whether it is NSF or not. Nevertheless, you can apply these few techniques:
Indeed, the means of verifying that the issuer’s balance is sufficient are quite limited. However, you can avoid potential problems by making sure you go through each step listed.
Before cashing the check, take the time to carefully check these elements:
Whether it is for the payment of an invoice or for any payment, the first reflex that you must have when handing over the bank check is to check the watermark on the bank check. You should know that all bank checks have, since 2009, the inscription “bank check” in relief. You can see it transparently on the back of the check. This watermark is already a good indicator of the solvency of the check. And for good reason, it is a difficult (if not impossible) element to falsify. This watermark, by itself, already provides a good level of security, but is not sufficient.
In order to authenticate the cashier’s check, you must also pay attention to all the mentions written on the check. Here are all the points that need to be indicated:
In addition to all this information, there are also certain elements that may give you a clue as to the authenticity of the cashier’s check. You must, among other things, check: the dimensions of the check (it must be 17.5 x 8 cm), any stains or scratches, the fonts used, etc. It is important to check check before cashing!
After checking all this information, know that there is no risk 0. To limit the problems related to a possible NSF check, you can also contact the bank that issued the bank check. The safest thing is to come with the issuer of the check to discuss with the account manager. If you wish to discuss directly with the bank, here are the steps to follow:
The time it takes to cash a check depends on the financial partner. Thus, it can range from a few hours to several weeks. The average cashing time for a check is 48 hours (i.e. 2 working days) in a traditional bank.
In the case of a bank or an online pro account, this delay can be up to 2 weeks. Admittedly, the approach is identical in all banks, but several criteria are taken into account. Indeed, when a check is deposited by the holder of the bank account, the establishment must still carry out the verification of the validity.
Be careful, you must not confuse the validity time and the collection time. The validity period is the legal period during which the beneficiary can cash (or deposit) his check. It’s like the expiry date of the check. In France, the validity period is between 1 and 8 days. Find out beforehand to identify the different conditions.
Have you received an NSF cheque? What can you do against a wooden check? To be able to claim the sum indicated on the check, you must refer to the sum of the check. If the amount is less than 15 euros, the issuer’s bank is required to pay you within 30 days from the date of issue of the check. This rule is valid whether it is in reserve or not.
In the event that the check is greater than 15 euros, the bank will send you a certificate of check rejection for lack of funds. If from the first presentation, you do not yet have an answer vis-à-vis the issuer, you can request a certificate of non-payment from the issuer’s bank. 30 days after the second presentation of the certificate, the certificate of non-payment is automatically sent by the bank.
What will you use the non-payment certificate for? This element is imperative to appeal to a bailiff. The latter may ask the issuer of the check to settle his debt. He will then have a period of 15 days to settle the sum of the check on your account. If after this period, the debtor does not yet give a sign, the bailiff will initiate a forced execution procedure (this may be a garnishment of wages, for example). All costs related to this procedure are borne by the debtor.