What are the types of checks?

Although the use of checks has been diminished in recent times by the popularization of electronic means of payment, they are still widely used. Its success lies in its ease to be exchanged, as well as the limited space it occupies and the ease of being transferred from one person to another, taking very little time to prepare them. Depending on the type of transaction, we will use one type of check or another, such as those explained below in .com

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Main types of checks

We have two main groups in which we can divide the types of checks, which are the following:

To the bearer: anyone who owns the check can collect it, regardless of whether it belongs to that person or not.
Nominative: a person or company is indicated on the check as beneficiary of the check, being the only ones that could charge the same. As agreed, said check may or may not be endorsed to third parties.

Other types of checks

There are also other types of checks that are not so widespread and are used for more specific occasions, depending on the needs we have:

Forming: the bank where the check will be collected ensures that whoever issues it has sufficient funds to be cashed.
Banking : the one who issues the check is the banking entity that has to pay it later.
Crossed: this type of check has two parallel lines on the back and a diagonal, so that the money can never be withdrawn in cash, but can only be transferred to another bank account. It is usually used in case of loss or theft.
To pay into account: can only be entered into a bank account.
Cash: is a type of check used by credit institutions so that it can only be paid in their own branches.
Deferred payment: this check includes an order to be paid at a stipulated future time, in which the issuer must have sufficient funds to meet said payment.
Traveler: they are checks issued by banks in a specific foreign currency, in such a way that they can be used outside the country of origin but only by the same financial entity.