wengshengte
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I have an idea that I can generate checks through banklogin through a third-party website, and then withdraw cash through the checks. Is this a feasible process? What do I need to do?
Questions about the check
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Lord777
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Features of the formation and sending of an electronic check to the buyer
With the recent cash reform, stores have the ability to send an electronic check (ECH) instead of a paper check. This made it much easier for entrepreneurs in many areas of the retail business. How to generate and send an electronic check to the buyer will be discussed in the article below.
The essence of an electronic check
Eextended the requirement to issue checks even to self-employed entrepreneurs. The advantage of the innovation is that it became possible not to print fiscal documents, but to provide them in electronic form. In most cases, the digital version is only an addition to the paper check, which is still necessary to generate.
The same information is used to print a paper check and generate an electronic one.
Also, the law made any check options equal in rights. Now it doesn't matter in what form the consumer presents them to the seller or the court. A paper check generated in a store by an online cash register and a printed version of an electronic document will have the same legal force . After all, you can check its authenticity at any time using a smartphone and mobile Internet.
ECH brought noticeable relief to the owners of online stores. Now they can easily comply with legal requirements by providing the buyer with an electronic receipt document immediately receiving payment for the item. To do this, the client just needs to provide his phone number or e-mail.
The ECH information is absolutely identical to those in the online cash register receipt, therefore, over time, paper documents may become optional.
Areas of application of the electronic check
In addition to a paper check, its electronic version must be provided to the buyer in absolutely all cases. But by default, stores have the right to provide only a document printed at the online checkout.
The ability to send an electronic check is more important for selling goods and services remotely. In this case, there is no need to transfer a physical document to the client. After all, the digital version cannot be forgotten to be put in the box or lost. The buyer will have it immediately after making payment for the goods.
Over time, the scope of issuing EC to the buyer will expand. For example, starting this year, when making purchases in vending machines, a QR code is displayed on the screen, after reading it, the client gets access to his digital receipt document.
Differences between an electronic check and a paper one
Although from a legal point of view, the paper and electronic versions of the check are absolutely the same for the buyer, there may be differences in their details due to the specifics of the formation of documents.
The main differences are as follows:
Most of the differences between a paper check and an electronic one are of a technical nature and are not important to the buyer.
When do I need to send an email check?
It is necessary to send an electronic check to the buyer in three cases:
Thus, ECH is used in cases where it is technically feasible or there is a need to send it to the buyer or seller.
Who is required to send an electronic check?
By law, the payment agent must send the electronic check, that is, the one who actually accepts the money from the buyer. In a regular retail store, the cashier should do this by entering the client's phone or email into the program for accounting.
Dozens of words can be encrypted in a QR code
When purchasing goods from vending machines equipped with a display, ECH is not sent at all. The information encrypted in the document is displayed on the screen in the form of a QR code, which the customer can read with a smartphone.
In case of distance selling, the following company is obliged to send an electronic check:
Most of the payment aggregators and OFDs offer their clients the services of sending e-mails. The process takes place automatically with the help of programs for trade automation. This service is paid, but it relieves entrepreneurs from worry about compliance with cash legislation.
When you can not send an email check
Sending an electronic check requires certain technical conditions that an entrepreneur does not always have.
In hard-to-reach areas, you may not use CCP at all
Therefore, identifies a number of cases when a store has the right to issue only a paper receipt document:
The list of cases when it is possible not to send an electronic check is rather small. Therefore, entrepreneurs should always be ready to send it to the buyer on demand.
Algorithm and options for transmitting an electronic check
Provides for two options for providing an electronic check to the buyer: by phone in the form of SMS and by e-mail. Moreover, it is not necessary to send a document in the form of an image or text - it is enough to indicate in the message a link to a page where you can get acquainted with the ECH for free and print it. In this case, the lack of access to the Internet for the buyer does not matter.
The algorithm for providing ECH is as follows:
Formation and sending of an electronic check does not have to take place on the store equipment. Entrepreneurs can entrust this work to an intermediary, for example, a CRF, providing him with the necessary information.
For self-sending of ECH, you need special programs for trade automation. Although some manufacturers of online cash registers have already begun to build this function into the basic software of their equipment. In this case, SMS are paid additionally according to tariff plans. Usually the cost of one message is in the range.
The buyer does not have the right to demand an electronic check after receiving his paper version in his hands. The entrepreneur does not even have the technical ability to fulfill such a requirement. But the client can always view and print a digital copy of the document by scanning the QR code on a paper receipt using a special FTS application (Google Play and App Store).
Terms of sending an electronic check
The timing of issuing ECH to clients was not regulated until the adoption. Therefore, numerous experts advised using the outdated requirement of the need to generate a fiscal document within 5 minutes after payment for the goods.
Now the deadline for issuing ECH is clearly marked. The document must be handed over to the buyer subject to two conditions:
Check verification methods
A customer has two options for verifying an electronic check for authenticity. But they only work if the resulting document link actually exists. Otherwise, it will not be possible to find the ECH in the database.
You can notify the tax office about the absence of a check in the database through the application
The first option is to check the authenticity of the ECH on the OFD website, the second - through the application “Checking the cash register receipt” by downloading it to the gadget in the Google Play store and the App Store. In both cases, you will need to enter several unique check details in the specified fields.
In some cases, the link received on the phone can lead directly to the ECH posted on the OFD website. In this case, additional verification of the document's authenticity is not required.
It took several years to settle all the questions about how to send an electronic check correctly. Nowadays, technical tools allow entrepreneurs to easily and quickly comply with legal requirements and provide buyers with access to digital receipt documents.
With the recent cash reform, stores have the ability to send an electronic check (ECH) instead of a paper check. This made it much easier for entrepreneurs in many areas of the retail business. How to generate and send an electronic check to the buyer will be discussed in the article below.
The essence of an electronic check
Eextended the requirement to issue checks even to self-employed entrepreneurs. The advantage of the innovation is that it became possible not to print fiscal documents, but to provide them in electronic form. In most cases, the digital version is only an addition to the paper check, which is still necessary to generate.
The same information is used to print a paper check and generate an electronic one.
Also, the law made any check options equal in rights. Now it doesn't matter in what form the consumer presents them to the seller or the court. A paper check generated in a store by an online cash register and a printed version of an electronic document will have the same legal force . After all, you can check its authenticity at any time using a smartphone and mobile Internet.
ECH brought noticeable relief to the owners of online stores. Now they can easily comply with legal requirements by providing the buyer with an electronic receipt document immediately receiving payment for the item. To do this, the client just needs to provide his phone number or e-mail.
The ECH information is absolutely identical to those in the online cash register receipt, therefore, over time, paper documents may become optional.
Areas of application of the electronic check
In addition to a paper check, its electronic version must be provided to the buyer in absolutely all cases. But by default, stores have the right to provide only a document printed at the online checkout.
The ability to send an electronic check is more important for selling goods and services remotely. In this case, there is no need to transfer a physical document to the client. After all, the digital version cannot be forgotten to be put in the box or lost. The buyer will have it immediately after making payment for the goods.
Over time, the scope of issuing EC to the buyer will expand. For example, starting this year, when making purchases in vending machines, a QR code is displayed on the screen, after reading it, the client gets access to his digital receipt document.
Differences between an electronic check and a paper one
Although from a legal point of view, the paper and electronic versions of the check are absolutely the same for the buyer, there may be differences in their details due to the specifics of the formation of documents.
The main differences are as follows:
- In the paper version of the SSN of the entrepreneur or legal entity, it is mandatory to indicate, and in the electronic version it is optional.
- In the electronic version, the taxation system is required, and in the paper version - optional.
- In the paper version, the requisite "SSN of the cashier", "Full name of the cashier", "Name of the document" and the QR code are required, but in the electronic version they are not.
Most of the differences between a paper check and an electronic one are of a technical nature and are not important to the buyer.
When do I need to send an email check?
It is necessary to send an electronic check to the buyer in three cases:
- When using automated systems for settlements without physical contact between the buyer and the seller, that is, when paying on the Internet.
- If, before issuing a paper check, the buyer asks for an additional electronic version of the document to be sent to his phone.
- EC is sent to policyholders when purchasing insurance policies from agents.
Thus, ECH is used in cases where it is technically feasible or there is a need to send it to the buyer or seller.
Who is required to send an electronic check?
By law, the payment agent must send the electronic check, that is, the one who actually accepts the money from the buyer. In a regular retail store, the cashier should do this by entering the client's phone or email into the program for accounting.
Dozens of words can be encrypted in a QR code
When purchasing goods from vending machines equipped with a display, ECH is not sent at all. The information encrypted in the document is displayed on the screen in the form of a QR code, which the customer can read with a smartphone.
In case of distance selling, the following company is obliged to send an electronic check:
- When paying by cash on delivery - the postal operator, which in most cases is the Russian Post.
- When renting an online cash register, an operator providing the corresponding service.
- When paying through payment aggregators - a payment aggregator.
- When paying in a regular store - directly the entrepreneur or OFD, with whom the contract has been concluded.
Most of the payment aggregators and OFDs offer their clients the services of sending e-mails. The process takes place automatically with the help of programs for trade automation. This service is paid, but it relieves entrepreneurs from worry about compliance with cash legislation.
When you can not send an email check
Sending an electronic check requires certain technical conditions that an entrepreneur does not always have.
In hard-to-reach areas, you may not use CCP at all
Therefore, identifies a number of cases when a store has the right to issue only a paper receipt document:
- The outlet is located on the territory of military facilities, FSB facilities, foreign intelligence agencies, and state security.
- The locality is on the list of localities remote from communications.
- The buyer has received a paper check and does not require an electronic version to be sent.
The list of cases when it is possible not to send an electronic check is rather small. Therefore, entrepreneurs should always be ready to send it to the buyer on demand.
Algorithm and options for transmitting an electronic check
Provides for two options for providing an electronic check to the buyer: by phone in the form of SMS and by e-mail. Moreover, it is not necessary to send a document in the form of an image or text - it is enough to indicate in the message a link to a page where you can get acquainted with the ECH for free and print it. In this case, the lack of access to the Internet for the buyer does not matter.
The algorithm for providing ECH is as follows:
- At the time of purchasing the goods, the buyer informs the seller about the desire to receive an ECH (when buying on the Internet, this is not required) by providing a phone number or e-mail. You do not need to sign your consent to the processing of personal data.
- The cashier enters the data provided by the buyer into the program. When buying on the Internet, this happens automatically when the user is authorized. The use of discount cards makes it much easier to identify regular customers.
- Sending ECH to the buyer.
Formation and sending of an electronic check does not have to take place on the store equipment. Entrepreneurs can entrust this work to an intermediary, for example, a CRF, providing him with the necessary information.
For self-sending of ECH, you need special programs for trade automation. Although some manufacturers of online cash registers have already begun to build this function into the basic software of their equipment. In this case, SMS are paid additionally according to tariff plans. Usually the cost of one message is in the range.
The buyer does not have the right to demand an electronic check after receiving his paper version in his hands. The entrepreneur does not even have the technical ability to fulfill such a requirement. But the client can always view and print a digital copy of the document by scanning the QR code on a paper receipt using a special FTS application (Google Play and App Store).
Terms of sending an electronic check
The timing of issuing ECH to clients was not regulated until the adoption. Therefore, numerous experts advised using the outdated requirement of the need to generate a fiscal document within 5 minutes after payment for the goods.
Now the deadline for issuing ECH is clearly marked. The document must be handed over to the buyer subject to two conditions:
- no later than the next business day after payment for the purchase;
- until the receipt of the parcel from the postal operator or courier.
Check verification methods
A customer has two options for verifying an electronic check for authenticity. But they only work if the resulting document link actually exists. Otherwise, it will not be possible to find the ECH in the database.
You can notify the tax office about the absence of a check in the database through the application
The first option is to check the authenticity of the ECH on the OFD website, the second - through the application “Checking the cash register receipt” by downloading it to the gadget in the Google Play store and the App Store. In both cases, you will need to enter several unique check details in the specified fields.
In some cases, the link received on the phone can lead directly to the ECH posted on the OFD website. In this case, additional verification of the document's authenticity is not required.
It took several years to settle all the questions about how to send an electronic check correctly. Nowadays, technical tools allow entrepreneurs to easily and quickly comply with legal requirements and provide buyers with access to digital receipt documents.
wengshengte
Member
- Messages
- 29
- Reaction score
- 1
- Points
- 3
Features of the formation and sending of an electronic check to the buyer
With the recent cash reform, stores have the ability to send an electronic check (ECH) instead of a paper check. This made it much easier for entrepreneurs in many areas of the retail business. How to generate and send an electronic check to the buyer will be discussed in the article below.
The essence of an electronic check
Eextended the requirement to issue checks even to self-employed entrepreneurs. The advantage of the innovation is that it became possible not to print fiscal documents, but to provide them in electronic form. In most cases, the digital version is only an addition to the paper check, which is still necessary to generate.
The same information is used to print a paper check and generate an electronic one.
Also, the law made any check options equal in rights. Now it doesn't matter in what form the consumer presents them to the seller or the court. A paper check generated in a store by an online cash register and a printed version of an electronic document will have the same legal force . After all, you can check its authenticity at any time using a smartphone and mobile Internet.
ECH brought noticeable relief to the owners of online stores. Now they can easily comply with legal requirements by providing the buyer with an electronic receipt document immediately receiving payment for the item. To do this, the client just needs to provide his phone number or e-mail.
The ECH information is absolutely identical to those in the online cash register receipt, therefore, over time, paper documents may become optional.
Areas of application of the electronic check
In addition to a paper check, its electronic version must be provided to the buyer in absolutely all cases. But by default, stores have the right to provide only a document printed at the online checkout.
The ability to send an electronic check is more important for selling goods and services remotely. In this case, there is no need to transfer a physical document to the client. After all, the digital version cannot be forgotten to be put in the box or lost. The buyer will have it immediately after making payment for the goods.
Over time, the scope of issuing EC to the buyer will expand. For example, starting this year, when making purchases in vending machines, a QR code is displayed on the screen, after reading it, the client gets access to his digital receipt document.
Differences between an electronic check and a paper one
Although from a legal point of view, the paper and electronic versions of the check are absolutely the same for the buyer, there may be differences in their details due to the specifics of the formation of documents.
The main differences are as follows:
- In the paper version of the SSN of the entrepreneur or legal entity, it is mandatory to indicate, and in the electronic version it is optional.
- In the electronic version, the taxation system is required, and in the paper version - optional.
- In the paper version, the requisite "SSN of the cashier", "Full name of the cashier", "Name of the document" and the QR code are required, but in the electronic version they are not.
Most of the differences between a paper check and an electronic one are of a technical nature and are not important to the buyer.
When do I need to send an email check?
It is necessary to send an electronic check to the buyer in three cases:
- When using automated systems for settlements without physical contact between the buyer and the seller, that is, when paying on the Internet.
- If, before issuing a paper check, the buyer asks for an additional electronic version of the document to be sent to his phone.
- EC is sent to policyholders when purchasing insurance policies from agents.
Thus, ECH is used in cases where it is technically feasible or there is a need to send it to the buyer or seller.
Who is required to send an electronic check?
By law, the payment agent must send the electronic check, that is, the one who actually accepts the money from the buyer. In a regular retail store, the cashier should do this by entering the client's phone or email into the program for accounting.
Dozens of words can be encrypted in a QR code
When purchasing goods from vending machines equipped with a display, ECH is not sent at all. The information encrypted in the document is displayed on the screen in the form of a QR code, which the customer can read with a smartphone.
In case of distance selling, the following company is obliged to send an electronic check:
- When paying by cash on delivery - the postal operator, which in most cases is the Russian Post.
- When renting an online cash register, an operator providing the corresponding service.
- When paying through payment aggregators - a payment aggregator.
- When paying in a regular store - directly the entrepreneur or OFD, with whom the contract has been concluded.
Most of the payment aggregators and OFDs offer their clients the services of sending e-mails. The process takes place automatically with the help of programs for trade automation. This service is paid, but it relieves entrepreneurs from worry about compliance with cash legislation.
When you can not send an email check
Sending an electronic check requires certain technical conditions that an entrepreneur does not always have.
In hard-to-reach areas, you may not use CCP at all
Therefore, identifies a number of cases when a store has the right to issue only a paper receipt document:
- The outlet is located on the territory of military facilities, FSB facilities, foreign intelligence agencies, and state security.
- The locality is on the list of localities remote from communications.
- The buyer has received a paper check and does not require an electronic version to be sent.
The list of cases when it is possible not to send an electronic check is rather small. Therefore, entrepreneurs should always be ready to send it to the buyer on demand.
Algorithm and options for transmitting an electronic check
Provides for two options for providing an electronic check to the buyer: by phone in the form of SMS and by e-mail. Moreover, it is not necessary to send a document in the form of an image or text - it is enough to indicate in the message a link to a page where you can get acquainted with the ECH for free and print it. In this case, the lack of access to the Internet for the buyer does not matter.
The algorithm for providing ECH is as follows:
- At the time of purchasing the goods, the buyer informs the seller about the desire to receive an ECH (when buying on the Internet, this is not required) by providing a phone number or e-mail. You do not need to sign your consent to the processing of personal data.
- The cashier enters the data provided by the buyer into the program. When buying on the Internet, this happens automatically when the user is authorized. The use of discount cards makes it much easier to identify regular customers.
- Sending ECH to the buyer.
Formation and sending of an electronic check does not have to take place on the store equipment. Entrepreneurs can entrust this work to an intermediary, for example, a CRF, providing him with the necessary information.
For self-sending of ECH, you need special programs for trade automation. Although some manufacturers of online cash registers have already begun to build this function into the basic software of their equipment. In this case, SMS are paid additionally according to tariff plans. Usually the cost of one message is in the range.
The buyer does not have the right to demand an electronic check after receiving his paper version in his hands. The entrepreneur does not even have the technical ability to fulfill such a requirement. But the client can always view and print a digital copy of the document by scanning the QR code on a paper receipt using a special FTS application (Google Play and App Store).
Terms of sending an electronic check
The timing of issuing ECH to clients was not regulated until the adoption. Therefore, numerous experts advised using the outdated requirement of the need to generate a fiscal document within 5 minutes after payment for the goods.
Now the deadline for issuing ECH is clearly marked. The document must be handed over to the buyer subject to two conditions:
Thus, online stores have gained the right to take their time and send electronic receipts in a single pool at the end of the working day.
- no later than the next business day after payment for the purchase;
- until the receipt of the parcel from the postal operator or courier.
Check verification methods
A customer has two options for verifying an electronic check for authenticity. But they only work if the resulting document link actually exists. Otherwise, it will not be possible to find the ECH in the database.
You can notify the tax office about the absence of a check in the database through the application
The first option is to check the authenticity of the ECH on the OFD website, the second - through the application “Checking the cash register receipt” by downloading it to the gadget in the Google Play store and the App Store. In both cases, you will need to enter several unique check details in the specified fields.
In some cases, the link received on the phone can lead directly to the ECH posted on the OFD website. In this case, additional verification of the document's authenticity is not required.
It took several years to settle all the questions about how to send an electronic check correctly. Nowadays, technical tools allow entrepreneurs to easily and quickly comply with legal requirements and provide buyers with access to digital receipt documents.
Are there any tutorials on how to generate checks through FULLZ or Bank Logins and how to cash out checks? Is there any special software for cash out checks
CarderPlanet
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How to cash a check in the USA 2021
Bank check is one of the oldest forms of cashless settlement, which is still very popular in the United States. Interestingly, this is one of the simplest and safest ways of calculating, but at the same time, the slowest. In addition, most people, especially those from the CIS countries, have never encountered such a thing, so the need to cash a check can be confusing.
Content
Cashing a check at a bank
So, you have a check in your hands and you want to get real money for it. The most obvious thing you can do in this case is to contact the bank.
Contact the cashier
You can get money by check without unnecessary problems and troubles if you have an account with any of the American banks. It is enough to visit any nearest branch of your bank. Then just contact the cashier with a request to issue money on the check and give him all the necessary documents. As a rule, this is the check itself and a document confirming the identity of the applicant.
Some banks issue money immediately in cash. In others, the process is a little more complicated and often requires a transfer to a debit card or bank account first.
Please note that before giving the check to the cashier, it must be signed. It is recommended to do this directly at the cash register in front of a bank employee so that there are no additional questions.
Use an ATM
ATMs of the new type allow you to cash checks without contacting the cashier, just keep in mind that you cannot receive cash in this way. First, you need to wait until the money is credited to the card account and after that you can withdraw it from any ATM.
Algorithm of actions:
It should be noted that such an operation requires about 3-5 working days for the actual crediting of funds to the account.
Online banking
Many banks have developed special mobile applications that allow you to perform almost all types of banking operations right in your smartphone. The functionality of such applications often includes the option of cashing a bank check.
This method is very similar to the previous method, but it requires even less physical effort and time, because you can transfer the amount of the check to your account without even leaving home. To try this modern and convenient way, you need:
It only remains to wait until the money is credited to the account.
Other ways of cashing a check
If all of the above methods don't work for you, don't worry. There are many other ways.
Issuing bank
On the front of the check, you can see the name of the issuing bank. For cashing out, you can contact him without any problems and the bank is obliged to give you cash, unless the account of the person or company who wrote you the check does not have enough funds.
The procedure is similar to cashing a check in your bank: you need to contact the cashier and have a check and passport with you. Please note that some banks may charge a commission for their services or ask you to provide or open a bank account. If you do not have the latter, then you will need to fill out an additional form.
With the help of the store
Many supermarkets and shops allow you to cash a check for a small commission. Interestingly, commissions and terms are often more profitable in stores than in banks. In particular, in Wal-Mart stores, the commission for a check up to $ 1,000 is only $ 3.
To receive money in this way, you need to contact the cashier, present a check and sign it. In some cases, the store may impose additional conditions. For example, sometimes in order to be able to use this service, you may need to be a member of the store's loyalty program.
Specialized services
There are also specialized check cashing companies. Often, with the help of such companies, you can get money on a check much faster, but the commission is usually higher.
For example, Epayservices makes it easy to cash checks from American partners, even for those who do not reside in the States. To do this, you need to complete only four steps:
The service also provides a unique iCheck service with which you can receive money twice as fast as at a bank. To speed up the collection procedure, you can take a photo or scan your check and upload it to the service. Thus, the service will be able to start the procedure even before it receives the original receipt.
You can easily withdraw money using your ePayServices card. Service commissions from 2.5 to 4.5%.
Entrust cashing out to someone else
Let's simulate the situation: you have a check and no bank account, but you have a good friend who has a bank account. If you trust your friend, you can transfer the right to cash the check to him. To do this, you need to rewrite the check in his name. After that, you will not even have to be present at the bank when cashing out. Not necessary, but desirable to avoid unnecessary questions.
To rewrite a check to another person, you need to write on it “Pay the amount of the check upon presentation of the check by an authorized person (full name)” and certify what was written with your signature on the back of the check.
Getting money this way is not always easy. In some cases, a bank employee may doubt the voluntary transfer of a check and initiate an additional verification. In most cases, this additional requirement is imposed when a fairly large amount is requested. Checks under $ 50 are usually cashed without any questions.
Prepaid cards
According to research, about 25% of US residents do not have a bank account and prefer to use alternative methods of providing financial services. Aware of this situation, US financial companies offer prepaid cards specifically to serve this segment.
For example, the Chase company invites everyone to get a prepaid card with which you can cash a check at any ATM. Ingo Money offers similar products.
Important tips for accepting and cashing a check
There is nothing difficult about cashing a check. Trouble can only be delivered by an incorrectly completed or invalid check. In order not to get into such an annoying situation, be sure to take the following precautions:
Only accept checks from people you trust. In all other cases, it is better to ask for cash.
Check all data carefully. Reconsider whether your name and the person who gave you the check are correctly recorded. If at least one of the letters is written incorrectly, the bank employee has every right not to pay money on the check.
Check the date of the check. Many checks have a date stamped by which they can be cashed. Even if there is no such date, then be aware that banks have the right to refuse to cash a check older than six months.
Never be in a rush to sign a check. It is recommended to put a signature just before cashing out. Firstly, the signed check brought in looks suspicious, and secondly, you can lose the check on the way and then there is a possibility that another person will be able to receive money using it.
Tips on how to cash a check quickly
Unfortunately, in most cases, when it comes to cashing a check, the procedure will take from 3 to 10 business days to complete. A bank can quickly cash a check only if you have an account in it and there is an amount on its balance that exceeds the amount of the check.
In this case, upon agreement with the manager, the cashier can immediately accept your check and issue the money in cash. This option is also possible if the amount is small enough. Having discussed the details with the bank manager, you can also ask him to give you at least part of the amount in your hands now, and the rest after passing the cashing procedure.
Without a bank account in local banks, the easiest way is to contact the issuing bank and special services. The procedure for cashing out in them can also take up to 10 days.
Still, the easiest and fastest way to cash checks through "your" bank. In addition, opening a deposit account does not require large time and financial costs. As a rule, banks ask for a small amount of funds (up to $ 50) to be deposited into a new account. In most cases, checks can then be cashed through this bank without commission. Therefore, if you have a large enough amount, then this, as a rule, is much more profitable.
For most American consumers, it is easy to cash a check. Difficulties can arise only if the owner does not have a bank account or a deposit card. But there are no hopeless situations. As you can see, cashing a check can be quite a hassle, but there is a solution for every case.
Bank check is one of the oldest forms of cashless settlement, which is still very popular in the United States. Interestingly, this is one of the simplest and safest ways of calculating, but at the same time, the slowest. In addition, most people, especially those from the CIS countries, have never encountered such a thing, so the need to cash a check can be confusing.
Content
- Cashing a check at a bank
- Contact the cashier
- Use an ATM
- Online banking
- Other ways of cashing a check
- Issuing bank
- With the help of the store
- Specialized services
- Entrust cashing out to someone else
- Prepaid cards
- Important tips for accepting and cashing a check
- Tips on how to cash a check quickly
Cashing a check at a bank
So, you have a check in your hands and you want to get real money for it. The most obvious thing you can do in this case is to contact the bank.
Contact the cashier
You can get money by check without unnecessary problems and troubles if you have an account with any of the American banks. It is enough to visit any nearest branch of your bank. Then just contact the cashier with a request to issue money on the check and give him all the necessary documents. As a rule, this is the check itself and a document confirming the identity of the applicant.
Some banks issue money immediately in cash. In others, the process is a little more complicated and often requires a transfer to a debit card or bank account first.
Please note that before giving the check to the cashier, it must be signed. It is recommended to do this directly at the cash register in front of a bank employee so that there are no additional questions.
Use an ATM
ATMs of the new type allow you to cash checks without contacting the cashier, just keep in mind that you cannot receive cash in this way. First, you need to wait until the money is credited to the card account and after that you can withdraw it from any ATM.
Algorithm of actions:
- Insert the card to which you want to deposit money into the ATM.
- Enter the PIN and confirm the entry with the Enter key.
- In the ATM menu, select the "Add check" option.
- Insert the check into the appropriate slot.
- Check the consistency of the check amount.
- Wait until the funds are credited to the balance.
It should be noted that such an operation requires about 3-5 working days for the actual crediting of funds to the account.
Online banking
Many banks have developed special mobile applications that allow you to perform almost all types of banking operations right in your smartphone. The functionality of such applications often includes the option of cashing a bank check.
This method is very similar to the previous method, but it requires even less physical effort and time, because you can transfer the amount of the check to your account without even leaving home. To try this modern and convenient way, you need:
- Install a mobile application from your bank on your smartphone.
- Register in it.
- Select the appropriate option in the menu.
- Take a photo of the receipt from the front and back, and upload it to the application.
- Confirm the correspondence of the amount.
It only remains to wait until the money is credited to the account.
Other ways of cashing a check
If all of the above methods don't work for you, don't worry. There are many other ways.
Issuing bank
On the front of the check, you can see the name of the issuing bank. For cashing out, you can contact him without any problems and the bank is obliged to give you cash, unless the account of the person or company who wrote you the check does not have enough funds.
The procedure is similar to cashing a check in your bank: you need to contact the cashier and have a check and passport with you. Please note that some banks may charge a commission for their services or ask you to provide or open a bank account. If you do not have the latter, then you will need to fill out an additional form.
With the help of the store
Many supermarkets and shops allow you to cash a check for a small commission. Interestingly, commissions and terms are often more profitable in stores than in banks. In particular, in Wal-Mart stores, the commission for a check up to $ 1,000 is only $ 3.
To receive money in this way, you need to contact the cashier, present a check and sign it. In some cases, the store may impose additional conditions. For example, sometimes in order to be able to use this service, you may need to be a member of the store's loyalty program.
Specialized services
There are also specialized check cashing companies. Often, with the help of such companies, you can get money on a check much faster, but the commission is usually higher.
For example, Epayservices makes it easy to cash checks from American partners, even for those who do not reside in the States. To do this, you need to complete only four steps:
- Register on the ePayServices.com service.
- Sign the check.
- Send a check to one of the company's representative offices.
- Wait until the money is credited to your ePayServices account.
The service also provides a unique iCheck service with which you can receive money twice as fast as at a bank. To speed up the collection procedure, you can take a photo or scan your check and upload it to the service. Thus, the service will be able to start the procedure even before it receives the original receipt.
You can easily withdraw money using your ePayServices card. Service commissions from 2.5 to 4.5%.
Entrust cashing out to someone else
Let's simulate the situation: you have a check and no bank account, but you have a good friend who has a bank account. If you trust your friend, you can transfer the right to cash the check to him. To do this, you need to rewrite the check in his name. After that, you will not even have to be present at the bank when cashing out. Not necessary, but desirable to avoid unnecessary questions.
To rewrite a check to another person, you need to write on it “Pay the amount of the check upon presentation of the check by an authorized person (full name)” and certify what was written with your signature on the back of the check.
Getting money this way is not always easy. In some cases, a bank employee may doubt the voluntary transfer of a check and initiate an additional verification. In most cases, this additional requirement is imposed when a fairly large amount is requested. Checks under $ 50 are usually cashed without any questions.
Prepaid cards
According to research, about 25% of US residents do not have a bank account and prefer to use alternative methods of providing financial services. Aware of this situation, US financial companies offer prepaid cards specifically to serve this segment.
For example, the Chase company invites everyone to get a prepaid card with which you can cash a check at any ATM. Ingo Money offers similar products.
Important tips for accepting and cashing a check
There is nothing difficult about cashing a check. Trouble can only be delivered by an incorrectly completed or invalid check. In order not to get into such an annoying situation, be sure to take the following precautions:
Only accept checks from people you trust. In all other cases, it is better to ask for cash.
Check all data carefully. Reconsider whether your name and the person who gave you the check are correctly recorded. If at least one of the letters is written incorrectly, the bank employee has every right not to pay money on the check.
Check the date of the check. Many checks have a date stamped by which they can be cashed. Even if there is no such date, then be aware that banks have the right to refuse to cash a check older than six months.
Never be in a rush to sign a check. It is recommended to put a signature just before cashing out. Firstly, the signed check brought in looks suspicious, and secondly, you can lose the check on the way and then there is a possibility that another person will be able to receive money using it.
Tips on how to cash a check quickly
Unfortunately, in most cases, when it comes to cashing a check, the procedure will take from 3 to 10 business days to complete. A bank can quickly cash a check only if you have an account in it and there is an amount on its balance that exceeds the amount of the check.
In this case, upon agreement with the manager, the cashier can immediately accept your check and issue the money in cash. This option is also possible if the amount is small enough. Having discussed the details with the bank manager, you can also ask him to give you at least part of the amount in your hands now, and the rest after passing the cashing procedure.
Without a bank account in local banks, the easiest way is to contact the issuing bank and special services. The procedure for cashing out in them can also take up to 10 days.
Still, the easiest and fastest way to cash checks through "your" bank. In addition, opening a deposit account does not require large time and financial costs. As a rule, banks ask for a small amount of funds (up to $ 50) to be deposited into a new account. In most cases, checks can then be cashed through this bank without commission. Therefore, if you have a large enough amount, then this, as a rule, is much more profitable.
For most American consumers, it is easy to cash a check. Difficulties can arise only if the owner does not have a bank account or a deposit card. But there are no hopeless situations. As you can see, cashing a check can be quite a hassle, but there is a solution for every case.
