Quite simply, the check discount is a credit operation, in which the pre-dated check is converted into cash, either by making a deposit or withdrawal.
There are banks that offer services for check discounts over interest and fees, such as the IOF (Tax on Financial Transactions), but generally these services are offered to companies.
Now that you know what it is, learn how to cash a check to follow.
To cash a check in deposit, simply go to the bank branch or credit union and deposit the check in the electronic box
Be sure to use the proper envelope for check and, in the case of a pre-dated check, schedule the deposit for the day the deposit was signed.
Check cashing can be faster than you think, provided it is located where the checker’s funds are deposited. To do this, look for the logo or bank name on the front of the check.
Note that it is not necessary to go to the same bank that the check writer uses, any branch of the same agency will work.
So, you can already withdraw money directly from the ATM. However, if you go elsewhere, it may take longer to investigate the check funds, and you will not be sure whether that check is good or not.
As a bank customer, your check will obviously be discounted free of charge. However, it may take a while for the check to be verified, if it is from another agency.
It is more agile to go to the issuing agency of the check to make the withdrawal.
It is possible to discount a pre-dated check, but this action can generate a headache; what can happen immediately is the account has no funds.
And, the most serious is the process that you can take for having acted in bad faith, in the event that the person is entered in the register of issuers of checks.
First, sign the back of the check with your details, and go to your bank or the bank listed on the check if you do not have a bank account.
To cash the cross check, be sure to be with your identity and card. It is possible to deposit the check either at an agency with your card or at the ATM.
Normally, the bank’s customer can withdraw the money as soon as he makes the deposit. At the ATM you can request the identification numbers of the cross check.
Finally, just deposit the check and wait for the money to fall into your account.
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