In today’s business, the invention of payment method to help boosting up and to run business as smooth as possible has been a tough task to look at. Wiring money from the account to another account has been so easy but there are some pitfalls. So, that’s the point that’s many businesses are still using checks as their major payment method. Everyone knows how to use check, but not everyone is 100% safe whenever they’re using them. A single mistake can make the business goes down. That’s the reason of this article and so we would like to introduce the use of check to be as safe as possible.
Crossed Check – The 2 parallel lines appear on top of every check to make sure that the check isn’t going to be used to get cash but the money will be wired transfer directly to the holder’s account. This is considered the safest way to write check nowadays. No matter how much it is, it could be less than $100 or more than $1,000 or millions, once the check arrives at the bank counter, when it is crossed, the money will be wired to the bank account only and not the holder.
Lost Check – When it is not crossed and it is lost what can we do? Of course, we don’t have to be panic and the first thing that we need to do is to call the check issuer’s person/entity to inform them about the missing check. The second thing we should do is to call to inform the issuer’s bank that issued the check for us and so this is the best we can do but we need to do this as quick as possible.
Double Check the Check – For both the holder and the issuer, the issuer needs to make sure by double checking the check, text, numbers, and everything before handing the check to the receiver. This also includes the date on check. The same way with the holder, once received the check, it is necessary to double check the check before cashing in.
Magnetic Ink – Thanks to the magnetic technology, today, the computer can read and understand check! Usually, the formal bank’s check will have the magnetic strip for the scanner to read and let the bank’s computer to understand the origin of the check, the account name, the fraud check filter and so on.