A cashless means of payment using the banking circuit, the check is widely used for its many advantages (free, traceability, etc.) but also for its disadvantages and risks, something that requires a lot of vigilance when using it.
The check is generally used to move money from one bank account to another and to pay for products or services. Concretely, the person who signs the check “the drawer” gives the order to his bank “the drawee” to pay on presentation and without delay (payment at sight) an amount given to the beneficiary. Be careful however, writing a check is not an act to be taken lightly.
The first step is first to identify the difference between a crossed check, a non-endorsable check and a certified check. Here are the explanations of Bank Al-Maghrib (BAM): To be valid, specifies at first sight the Central Bank, a check must include the following legal notices: the mention “cheque”, the amount payable in figures, the amount payable in words , the name of the beneficiary, the date, the place of the signature of the check and the signature of the holder of the account. When the beneficiary’s name is not indicated, it is then a “bearer” check and anyone who has it in their possession and presents it to the Bank can cash it.
Any check that does not comply with the forms issued by the banks or in which one of the mandatory statements is missing is deemed invalid but may be considered as an ordinary title of acknowledgment of debt.
The expected presentation time is twenty days for checks issued and payable in Morocco; sixty days for checks issued outside Morocco and payable in Morocco. These deadlines begin to run from the day shown on the check as the date of issue.
The period of validity of the check is one year from the expiry of the presentation period. Beyond this period, the bank may refuse payment of the check. But, in this case, the claim is not extinguished and the bearer retains recourse against the signatory.
What is a crossed cheque?
A crossed check has two small parallel lines affixed to the front at the top left. It is not payable in cash at the bank counter, unlike the non-crossed check.
The crossed check can only be cashed if the beneficiary has a bank account and the issuer’s account is sufficiently funded.
The crossed check protects the issuer in case of loss or theft of this check. What is an unendorsable (NE) check?
An unendorsable check is a check that bears the mention NE. It cannot be transferred to other beneficiaries and must be credited only to the account of the beneficiary named on the cheque.
What is a certified cheque? This is a check on which the bank mentions that the sum is available on the account of its issuer and that the provision is blocked for the benefit of the beneficiary until the end of the period for presentation of the check. The certified check presents a real guarantee for its beneficiary.
The customer’s account is certainly debited on the day when the bank affixes its certification to the check, but if the beneficiary does not present himself for collection within the time limit, it becomes an ordinary crossed out check for which the absence of funds cannot no longer engage the responsibility of the certifying institution.
The cheque, a means of payment to be used with great vigilance The check is thus a means of payment that “must be used with great vigilance”, emphasizes BAM. It engages the responsibility of its signatory and must be filled in carefully and kept in a safe place. The signatory is the guarantor of the payment, so it is necessary to make sure of the provision on the account because any fraudulent use of this means of payment implies punitive measures on the legal and regulatory level.
“If you have lost your check or checkbook, you are then entitled to make an opposition immediately to your bank. And of course, never sign a blank check! concludes BAM.