Whether you have a business account or a personal bank account, knowing the terms of the payment methods included in your offer is essential. The question of the responsiveness of your financial partner, in particular, is crucial, especially if you are independent and want to avoid cash flow mismatches
What criteria play on the time it takes to cash a check?
The time it takes to cash a check varies according to:
- The policy applied by the bank or the online pro account (verification time, means of receiving the check, etc.)
- The amount of the check: the higher the amount, the longer the verification time;
- The conformity of the information on the check;
- The time of day when the check is made (the day before a public holiday, for example);
- The financial partner’s collection method (for example, a check sent by post will take longer to reach the bank than a check sent digitally).
If the check is not considered valid at the time of verification or if the issuer does not have sufficient funds, the bank may refuse to deposit the check. In general, beneficiaries and issuers are informed of this refusal by post or email.
Are you facing an outstanding payment? In the case of checks for less than €15, the issuing bank is required to pay the sum within one month (30 days) following the date of issue, even in the absence of sufficient funds!
The bank can even issue you a free certificate of non-payment for your accounts. Thus, the certificate of non-payment, or certificate of non-payment, makes it possible to fight against fraud (in particular bad checks) and to avoid a self-employed person having to go through more cumbersome procedures such as forced collection.
How do I know if a check has been cashed?
To find out if a check has been cashed, simply consult your account statement.
If you are the issuer, cashing the check results in a debit, and if you are the payee, cashing the check results in a credit. By comparing the dates of these credits or debits with the date the check was deposited, you obtain the collection time.
Some applications offered by the financial partner show the mention “ subject to receipt ” in the “operations in progress” tab of your personal space. This means that the check has been received and is being verified.
If, after the collection time indicated by your financial partner, you still do not see the appearance of a debit or credit corresponding to the check on your account, contact your advisor or customer service directly. Fraud may have been detected and is delaying the cashing of the check.
How to reduce the time it takes to cash a check?
Issuer and beneficiary: best practices
As we have just seen, each bank and each online pro account has its policy for verifying or accepting a check. These deadlines are therefore incompressible!
Nevertheless, it is possible to promote the collection time or the progress of a check thanks to the following best practices:
- Deposit the check as soon as possible ;
- Bring, in addition to the check, proof of payment to your financial partner (if it is your pro account, an invoice, for example) to facilitate the verification process (especially if the amount of the check is high);
- Do not deposit the check the day before a weekend or a public holiday ;
- Always use the check remittance “slips” provided by your agency;
- If you send the check by post, choose a mail format with fast postage ;
- Ensure that the information appearing on the slip is correct and do not forget to sign your check on the back.
- Issue the check as soon as possible ;
- Avoid checks on plain paper, which take longer to verify;
- Check that the amount of the check corresponds to the funds available in your account;
- Check that your account is not in a situation preventing the transfer of money (exceeding the authorized overdraft, exceeding your payment limits, etc.)
- Ensure that the information appearing on the check is correct (name of the beneficiary, amounts, etc.).
Issuer: the conformity of the check
To be cashed quickly and not be refused, a check must comply with certain compliance rules.
Its amount must be entered both in figures and in words. No space should appear before or after the entry of this amount. The name of the beneficiary must be written legibly. Finally, the check must be dated and signed.
If you are the issuer of the cheque, ensure that:
- No blanks appear before or after the entry of the sum (simply draw a line to fill in potential blanks);
- The sum is written in figures and letters, and these two amounts are identical ;
- The identity of the beneficiary (surname and first names) is accurate and legible;
- Your signature conforms to the model known by your financial partner (this signature will be checked during the query);
- The check is dated the day it is written and signed.
Beneficiary: compliance with the deposit steps
Finally, the beneficiary must respect the check deposit rules set up by the bank or the online pro account. That is :
- “Endorse” the check (sign on the back, with the signature known by his financial partner, and possibly, enter his account number);
- Comply with the terms and conditions of the deposit method (complete the slip correctly, follow the instructions of the machine, etc.).
This is where this article ends! If check rhymes for a long time, it is also synonymous with security, and you now know why! The collection time is essential to reduce the risk of fraud. It is also extremely variable from one bank to another: it’s up to you to decide which financial partner is right for you and if the collection time is an important criterion in your choice. All you have to do is take the plunge