In modern economic relations, settlements by checks occupy an important place in our life and the activities of various enterprises. They are used in the implementation of transactions of sale of goods, materials, in matters of payment for the economic needs of the organization. In general, a check is a special security. Through it, the bank must pay the specified amount to its holder. Therefore, settlements by checks require the following participants in such operations:
- a drawer (it is either an individual or a legal entity that has funds in the bank account);
- directly the bank making the payment;
- a check holder (a person who presents a check for payment to the bank).
Without fail, such a security must indicate the name of the “check”, the amount to be paid, the name of the payer and the current account from which the payment should be made. It is important to note also the currency, place, and the date the document was compiled. It will also require the signature of its owner. In the absence of any of the above details, the security shall lose its strength. If the check does not contain a place for its preparation, it is considered that it is signed at the location of the drawer.
The payer must pay the check subject to presentation and within the time period established by law. The bank must verify the authenticity of the paper and that the person presenting it is an authorized person. Settlements by checks and principles of their use are regulated by Art. 877-885 of the Civil Code of the Russian Federation, as well as other laws and relevant banking rules. A guarantee of payment can be an aval, which is given by any person, but not by the payer himself. The check must indicate by whom and for whom it was issued. To do this, make the inscription “count as aval”.
There are different types of settlements by checks:
- intended for payment (withdrawal) of cash from the current account of the drawer (the check book is issued at the time of opening the current account);
- checks by which the implementation of cashless payments occurs .
In the first case, securities are used to withdraw funds in order to pay salaries or travel expenses, as well as other needs of the organization, etc. Settlements by checks can also be used to conduct business transactions between partner organizations using bank transfer. Then the bank deposits the necessary funds to the payer account. At the time of the business transaction, the payer organization transfers the issued check to the supplier. In turn, the supplier-check holder must submit to the security within ten days so that the bank credits money to its current account. In this case, the supplier’s bank first transfers the required amount and only then transfers the necessary documents to the bank of the purchasing organization to write off the necessary amount from the buyer's account directly. Then the funds are debited by the buyer's bank from the corresponding account. In conclusion, the buyer's bank transfers the funds to the supplier’s bank.
As means of non-cash payment, payment orders (settlements for collection) are also used, which are operations aimed at receiving a payment from the payer (on behalf and, of course, at the expense of the client himself). They can be carried out without acceptance (consent) or with that.
I must say that today the demand for another type of check is growing significantly . These are the so-called bank checks (or traveller's). They are a convenient means of payment when traveling abroad (since they can be easily exchanged for the currency of the respective country, there are no restrictions on their export), as well as a reliable option for storing their funds.