The check is one of the most traditional and common instruments used in the banking system. It is a cash payment order document, with the purpose of transferring financial resources from one person to another. A check is a payment order that an individual gives to his bank to pay, upon presentation, the specified amount to a third person.
In technical terms, a check is a credit instrument that contains an unconditional order to pay a fixed amount of money in cash or to a named person. The check is issued by a bank customer, who is the drawer, in favor of a beneficiary, who is the payee. The bank where the check is presented for payment is the drawee.
There are several types of checks, each with specific characteristics. A bearer check is one that does not indicate the name of the beneficiary, being paid to whoever presents it for payment. The payable check is the one that indicates the name of the beneficiary, and can only be paid to this one or to whom he endorses. A crossed check is one that can only be paid through deposit into an account, being a way to increase the security of the check. A pre-dated check is one that contains a future date and can only be paid from that date.
The check has some important characteristics. It is a cash payment order, that is, it must be paid at the time it is presented to the bank. The check is a credit instrument, that is, it represents an obligation to pay. The check is an extrajudicial enforceable title, which means it can be used to initiate a collection lawsuit.
To be valid, the check must contain some essential elements. It must be issued on special paper provided by the bank. The check must have the word "check" printed on the document. The check must contain an unconditional order to pay a specified amount. The check must indicate the name of the bank that must pay (drawee). The check must indicate the place of payment. The check must indicate the date and place of issue. The check must be signed by the issuer (drawer).
The check has some advantages. It allows the transfer of funds without the need for cash. It allows you to pay large amounts securely. It allows payment in installments, through the use of pre-dated checks. It allows payment to a specific person through the use of a payable check. However, the check also has some disadvantages. It can be returned due to lack of funds in the issuer's account. It can be counterfeit or tampered with. It can be lost or stolen.
In terms of regulation, the check is governed by the Check Law (Law 7.357/85) and the Civil Code (Law 10.406/02). The Check Law sets out the general rules for issuing, presenting and paying checks. The Civil Code establishes the rules on the liability of the issuer and beneficiary of the check.
In terms of public tenders, knowledge about the check is essential for anyone wishing to work in the banking area. The candidate must know the types of checks, the characteristics of the check, the essential elements of the check, the advantages and disadvantages of the check, and the regulation of the check. In addition, the candidate should know how to write a check correctly, how to endorse a check, how to cross a check, how to present a check for payment, how to verify the authenticity of a check, and how to proceed in case of bounced check.
In conclusion, the check is a very useful and versatile payment instrument, but it requires adequate knowledge to use it safely and efficiently. Studying the check is an important part of the banking knowledge required for public tenders.
