What Is Direct Deposit Authorization?

Check deposits refer to the use of bills by banks to make deposits with banks. Specifically, a check is an unconditional written payment order issued by a bank depositor to the bank authorizing the bank to pay a certain amount to someone or their designee or the holder of the check.

Check Deposit

Right!

Check deposits refer to the use of bills by banks to make deposits with banks. Specifically, the check is

(1) State it as "

(1) Cheque payable to order is the payee's name in the cheque payee column, such as "Pay A Only" or "Pay A Order" The withdrawal must be signed by the payee before withdrawal.

(2) A cheque payable to bearer is also called a blank check. The cheque does not record the payee's name and only "Pay bearer". The holder does not need to sign on the back of the cheque in order to withdraw. This check is transferable by delivery only.

(3) Crossed cheque is a cheque drawn with two parallel lines on the front of the cheque. Crossed cheques are different from general cheques. Crossed cheques cannot be collected by the bank unless they are collected by the bank. The purpose of using crossed cheques is to make it possible to recover the money through a lead collected by the bank when the cheque is lost or counterfeited.

(4) Certified Cheque means that in order to prevent the issuer from issuing a short check and guarantee payment when the check is presented, the payee or holder of the check can ask the bank to "guarante" the check. Guarantee payment is stamped by the paying bank with a "guarantee" stamp to indicate that payment must be made when the check is presented. Once the cheque is insured, the payment responsibility is borne by the bank. Both the drawer and endorser are exempt from recourse. After the payment bank guarantees the check, it will transfer the payment from the drawer's account to a special account for payment, so when the check is presented, the check will not be refunded.

(5) Certified Cheque is a cheque issued by a bank and paid by the bank. It is also a bank draft at sight. Banks can issue bank checks when remittances are processed on behalf of customers.

(6) Traveller's Cheque is a fixed-amount payment tool issued by banks or travel agencies for tourists. It is a payment method used by tourists to purchase cash from ticket issuing agencies. Compared with other checks, traveler's checks have the following characteristics: The amount is small. There is no designated payer and payment place. Withdrawals can be made at the issuing bank, foreign branch or travel agency of the travel agency. Safer. When purchasing traveler's checks and withdrawing money, travelers must go through the initial signing and re-signing procedures. The sender is also the payee. Other checks can only be issued by depositing in a bank, and traveller's checks are purchased in cash, similar to bank drafts, except that the sender of a traveler's check is also the payee. There is no stipulation on the circulation period. Since the issuance of traveler's checks requires a handling fee, it is profitable to use the funds without interest, so banks and travel agencies are competing to issue traveler's checks.

(7) A cash check is a check specially made to withdraw cash. It is issued by a depositor to withdraw cash from the bank for the unit, and may also be issued to other units and individuals for settlement or entrust the bank to pay the cash on behalf of the payee.

4 Difference between money order, promissory note, check

Bills of exchange, promissory notes, and checks all belong to the narrow category of bills, and their constituent elements are roughly the same. They all have the basic conditions for issuing, endorsing, accepting, and paying these negotiable securities. They are all negotiable instruments. The main differences between them are:

(1) There are three basic parties to a bill of exchange and cheque, namely, the drawer, the payer, and the payee; and this check has only two basic parties: the drawer (the payer and the drawer are the same person) and the payee.

(2) There must be a financial relationship between the issuer and the payer of a check before a check can be issued; there must not be a financial relationship between the issuer and the payer of a bill; the issuer and the payer of this check are the same person There is no so-called funding relationship.

(3) The main debtor of the check and promissory note is the drawer, and the main debtor of the bill of exchange is the drawer before acceptance and the acceptance after acceptance.

(4) Forward bills need to be accepted. Cheques are generally accepted at sight and cashier's orders are not required.

(5) The drawer of the bill of exchange guarantees the acceptance of payment. If there is another acceptor, the acceptance of the payment is guaranteed by the acceptor; the check of the drafter guarantees the payment of the check;

(6) Holders of cheques and promissory notes have recourse only against the drawer, and holders of drafts have recourse against the drawer, endorser, and acceptor during the validity period of the bill.

(7) There are duplicates of drafts, but not cashier's checks and checks.

(8) Checks and cashier's checks have not refused acceptance certificates, while drafts do.

Validity period of a check: Since a check is a spot payment instrument instead of cash, the validity period is shorter. China's "Bill Law" stipulates that: holders of cheques should present payment within 10 days from the date of issuance; for cheques used in other places, the time limit for prompt payment shall be separately stipulated by the People's Bank of China. If the payment deadline is exceeded, the payer may refuse to pay.

Features:

1. Easy to use, simple and flexible procedures;

2. The reminder payment period of the check is 10 days from the date of issue;

3. Cheques can be transferred by endorsement, but cheques used for self-cash cannot be transferred by endorsement.

Scope of application:

Cheques can be used for settlement of all payments between units and individuals in the same city clearing area.

Application process:

1. To open a checking deposit account, the applicant must use his real name and submit legal documents to prove his identity;

2. To open a checking deposit account, the applicant should reserve his signature and seal;

3. Opening a cheque deposit account and receiving a cheque should have reliable credit and deposit a certain amount of funds.