How to deposit a check?
The check was in principle obsolete as a means of payment many years ago. In this country you can either pay in cash, with your girocard , credit card , or over the Internet using PayPalor via other payment services. The check is no longer even used for a fraction of all payments, so that it is hardly ever listed in statistics. But checks continue to play a not insignificant role abroad. A good example of this is France, where checks are still an important means of payment in everyday life. Checks still play a crucial role in the United States and in many other countries. Checks are still used, especially when it comes to cross-border payments. So if you get a check, you should know how to turn that piece of paper into money.
Where can I get checks these days?
Due to the relevance of checks abroad, you will receive a check first and foremost when you pay out abroad - for example when you sell a book or other item. But even in Germany it can happen in exceptional cases that you will not receive a transfer or credit on your card, but a check (see below). Although this is unusual in normal business operations, there are such cases. Checks, for example, are still issued today in these areas:
Basically, whenever you receive a check, it is a credit note. In the case of a health insurance company , for example, this is usually a fee reimbursement. In some cases, submitted invoices can also be paid by means of a crossed check. In the meantime, however, this only happens very rarely. At Techniker Krankenkasse, payment by bank transfer is preferred, at AOK, payments by check are only carried out by a few directorates and in exceptional cases (as of 10/2017).
It's similar to insurance : whenever you get money back from insurance, for example in the event of a claim or a refund, there is a certain probability that you will receive a check. Most providers have changed their conditions in the meantime, but some insurance companies pay out damage amounts with a check in individual cases. This applies to Gothaer Versicherung, Allianz, AXA and Signal Iduna, among others. With some other insurance companies, including DEVK and NÜRNBERGER Versicherung, payments by check are no longer possible (as of 10/2017).
Finally, there are also tour operators who pay out by check: crossed checks are used by tour operators for refunds. This is the case, for example, if a trip cannot be carried out as promised, you as a customer cancel (minus any possible fees) or if part of the travel amount is refunded as a reimbursement for problems. In most of these cases you can choose whether you would like a refund or a voucher from the organizer. A reimbursement by check is still possible, for example, from Thomas Cook (as of 10/2017).
In addition to the aforementioned groups of companies, there are also crossed checks in a number of other areas. This includes buying valuable precious metals such as gold or jewelry on the Internet. Most providers advertise that you either do a bank transfer or send a personal check for the payout. You can also order checks from almost all banks. This is possible at Commerzbank, Deutsche Bank and HypoVereinsbank, among others. However, some institutes have stopped issuing checks.
Are there different types of checks?
When you receive a check, the cashing process is not always the same. This is because there are a total of three different types of checks:
Personal checks are the easiest and least secure form of checks. In Germany there are actually almost no cash checks at all anymore. In principle, a cashier's check is comparable in value to cash. You can go to a bank branch with this check and have the cash value of the check paid out - provided that the account to be debited has sufficient funds. In principle, anyone can cash a check without using an account number or the like.
The crossed check has compared extra safety. If you receive a crossed check, you can still cash it at a bank without any problems, but you must always state your bank account . If a check is marked “for settlement”, it can only be cashed on your own account. This also serves as a means of tracking. In the event of fraud, the money's path is easier to understand. In addition, a name is stored for each account, so that it is easier to follow up in the event of fraud. Furthermore, the credit is only made with reservations until the redeeming bank has checked whether the account to be debited (usually with another bank) has the necessary funds.
The order check is, in principle, a further version of the crossed check that is intended to provide additional security. In the case of an order check, the conditions for redemption are tightened. The name of the person who can cash the check is noted on every order check. Due to this limitation, the check cannot be cashed by everyone, including family members. If the check falls into the wrong hands, it is in principle worthless for the person concerned. Above all, this avoids any kind of check fraud.
Redemption
How do I cash a check at a branch bank?
If you want to cash a check, you usually need a form from your bank. On the check deposit form, you must complete all relevant aspects of the check. In addition to the form, you must of course also present the check yourself. A credit can only be issued if both documents have been completed in full and the check has been signed by the issuer. The bank always marks the check with the note "subject to change". The check is only credited when the bank has received the necessary money from the issuer's account .
In principle, it should be possible to cash checks at all branch banks, but there are still problems. When a bank deals with a check for the first time, it usually has a hard time cashing it. In addition, when cashing a check, you must always make sure that you fill out all fields on the form completely and thoroughly. Even small mistakes make the submission impossible. In addition, the check must be filled out correctly by the issuer - otherwise it is generally impossible to cash it. This also always applies if a check is not signed. Checks can be cashed at all well-known branch banks in Germany (as of 10/2017).
How do I cash a check at a direct bank?
With direct banks, cashing a check seems more complex at first because you don't have a direct contact person there. However, at some institutions it is even easier to hand in checks than at branch banks. For example, some banks simply require the check to be submitted by letter and a note with the name, IBAN, BIC and possibly a signature of the recipient. This applies, for example, to these institutes:
Most other direct banks, like the branch banks, require a form in addition to the check on which you have to enter the relevant data. In addition to the check, you must also submit a form to these banks, among others:
Consorsbank and DAB Bank
German Credit Bank (DKB)
Netbank
Wüstenrot direct
You can download the form from all of the banks mentioned simply and easily from the Internet. As soon as you have filled out the form thoroughly, you can send it together with the check to the address on file. The credit will then be credited to your account a few days later . Cashing a check at a direct bank sometimes takes a little longer due to the postal service, but otherwise cashing a check is not necessarily more complicated. However, you should note that a distinction is sometimes made between forms for domestic and international checks. Checks can be cashed at all major direct banks in Germany (as of 10/2017).
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