Cash and clearing checks

What is the difference between cash and clearing checks?

The importance of checks has fallen sharply in Germany. Only a small minority still pays for it in the private customer business. In countries such as the United States or the United Kingdom, by contrast, check payments are still more widespread.

The vulnerability of the economy to paying employees by check was felt by the British economy in October 2009, when some 120,000 Royal Mail postal workers took part in a nationwide strike to support the CWU union on a daily basis. Because over 100 million unsorted letters remained after press reports in the camps. There were also many letters with salary checks in this huge stack.

Basically, a distinction must be made between the crossed check and the check. With a check, a payment obligation can be fulfilled without cash. It is important to ensure that the form is duly and completely completed. Checks may only be issued if the relevant bank account has sufficient credit or a corresponding disposition credit can be claimed.

If you issue a check and do not want this check to be paid out in cash, write the note “Only for clearing” across the front page. If you submit the check, you can only use such a crossed check to credit your account. Advantage: If an unauthorized person comes into possession of such a check, it is easy to determine on whose account the check was credited. The crossed check is therefore the usual form when sending a check by post.

Checks received must be submitted to the bank on a check submission form for collection. The bank confirms the receipt and the account credit “subject to receipt”. The credit will be “conditional” because the bank account of the check issuer may not be covered or the check may be suspended. In such case, the credit will be reversed.

other topics

Liability for theft of the bank card
Checking account test 2016
Account management fees
Checking account for branch customers
line of credit
How to get your account out of the minus
Cash and clearing checks
Pfändungsschutzkonto (P account)
Cancel account
Online account
joint account
Fidor Bank
Checking account Yomo
Girocard
V-Pay
Current account without Schufa
Retrieve the transfer
Invalid fees checking account
children account
Open current account
Smartphone banks
Change current account
The best disposition and overdraft interest
Bank authorization
Sepa migration
basic account
direct Banking
bank settlement
Current account of Santander Bank
Checking account of N26
Fremdabhebegebühren
maestro
EC card
Checking account with interest
Sepa Direct Debit

* What the star means
With our independently researched recommendations, we want to reach as many people as possible and give them more financial freedom. Therefore, our content is available for free and ad-free on the Internet. We finance our extensive editorial work like this:

Our independent experts regularly examine products and service providers. Only if they then recommend a particularly consumer-friendly offer, can the corresponding provider set a link to this offer. Such links are marked with an asterisk

(*). We receive money if you click this link, for example, or conclude a contract with the provider. Whether and to what extent a provider reimburses us, has no influence on our recommendations. What our experts recommend depends solely on whether an offer is good for you as a consumer.

Leave a Reply

Your email address will not be published. Required fields are marked *