Before using check, it is good to know how many types of check there are as there are different types of checks to be used. Using checks is considering convenient at the same time taking risks of mistranslation. That’s why we need to firstly get to know the types of check available in the world of business today. There are 6 types of checks that we need to know, let’s get started with the first one.
Cash or Bearer’s Check – This is the easiest types of check in terms of transaction. Anyone who holds or withhold this type of check can “cash-in” with the bank right away. However, when it is too convenient, then, there’s a risk using it. When the check is lost and was not report stolen. The person who has the check can cash in at the bank and get cash right on the spot
Order’s Check – Check with the name of the eligible holder on it. This is the check that being issued specifically for the holder. The order’s check, by its name is designated for the name appears in that check and must cash-in by him/herself
Cashier Check – Normally, every types of check from the account holder must have the cash balance in the bank account and the check’s owner will be able to issue check right away. For Cashier check, the person needs to bring in cash to buy check instead of issuing it from the check book
Bank Guaranteed Check – It is considered the safest type of check which is guaranteed by banks with the banker’s signature and approval. This check type is normally being used in daily business transactions, paying debts, exchange for cash and so on…
Traveler’s Check – Most of the time, the tourists making their trip from hometown to the place for a long time wouldn’t normally carrying a lot of cash. It is much safer to write the check and cash it in on the destination that they want to be. By this, it is more convenient, safer, but the check owner’s is required to handle check cash-up fees on the destination’s bank.
See more information about checks below
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