How to deposit a check?

In times of PayPal, online banking, and the like, checks seem a bit old-fashioned – but they still exist: health insurance companies, for example, issue checks to pay their members money from a bonus program. However, many check recipients now lack practice when it comes to cash them. So how do you proceed if, for example, cash or crossed check from the health insurance company or the electricity provider is in the mailbox? In this article, we read about How to deposit a check?

  • The recipient must cash checks made out in Germany within eight days.
  • A period of 20 days applies to checks made out in other European countries.
  • A period of 70 days applies to all other exhibition locations.

The banks are only obliged to cash it if the check is submitted on time – but many also cash late checks as a gesture of goodwill. However, the specified deadlines only apply if nothing else is noted on the check. In exceptional cases, reviews are also valid for up to a year – for example, the dividend checks of many health insurance companies. Many banks still cash checks as a gesture of goodwill if the deadline has been exceeded. If you want to be on the safe side, you should submit the review on time. Please note that the deadline for presentation refers to the date of issue of the check and not to the time at which you receive it.

Are there any costs involved in submitting a check?

The costs depend on the bank and the selected account model. Some branch banks charge around 2 euros for submitting a check for the account models with a low base price. If the introductory price is higher, the services are usually included. For statements made abroad, some banks charge special processing fees, ranging from 10 to 15 euros. If you send the check to the bank by post, you have to pay the postage.

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Personal check vs cashier’s check

Because of its name, a cashier’s check is self-explanatory: if you take it to a branch of your bank, you will receive the amount noted on the bill in cash. In cashless money transactions, the much more popular form of check is the so-called crossed check. Your bank will post the amount to your current account – but usually with a reservation. This means that you will only be able to dispose of the money once it has been ensured that the check issuer’s account has positive funds. This can take about 3 to 10 days.

Who can cash the check?

The name of the beneficiary is explicitly noted on a so-called order check. They have to identify themselves to cash an order check, which makes this type of check particularly secure. This is the usual form. A crossed check without an order note, on the other hand, can be cashed by anyone who presents the original check-in person to their bank. However, the original recipient must sign the back of the check. If you have received an order check but cannot cash it yourself, you have the option of granting a third party power of attorney.

Where can I cash a check?

To cash a check, you have to hand it in at your house bank – that is, at any bank with which you have a checking account. It is impossible to cash a check online: so it is not enough to email a scan of the bill to your bank – they always need the original document.

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Depositing a check at a bank branch

If your house bank has branches, you can cash a check in a unit. To do this, in addition to the statement, you will need a completed check deposit form, which is available in the banks. Hand in both documents at the counter and the amount will be transferred to your account if the way to a branch is too far to deposit a check. It would help if you telephoned to inquire whether a check can also be cashed by post. You can then request the check deposit form, for example, by post or email; sometimes, the bank also makes the document available for download online.

Depositing checks at direct banks

But what if you are a customer of a direct bank? Then you do not have the opportunity to go to a branch, like online banks such as comdirect. ING-DiBa and others do not have any attachments. In this case, there are two alternative ways:

  • It is sufficient for many direct banks to send the check by post to the primary office. And provide it with your IBAN and your signature. You can usually find the address in the “Contact” tab or the imprint of the bank website.
  • Some banks provide forms on their website that you fill out, print out and mail with the check.

With direct banks, you have to expect a slightly longer processing time for the postal service. Before the check is credited to your account.

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