Abi, the digitization of payments also passes for checks

As part of the process of digitizing the country, checks are also adjusted. This is thanks to the new procedure called "Check Image Truncation" (CIT) which transforms checks, once paid into a bank, into a digital document. The digital check replaces the original paper check and has full validity for every legal effect, reducing the operational risks related to its material exchange and manual processing.

The CIT does not affect the methods of use and payment of checks by customers: the issue and circulation of checks remain in paper form, and the payment is made at the branches of agencies or at multi-function ATMs as provided by each bank .

From the 9 July 2018, CIT is the only procedure that can be used by banks to pay checks.

The 4 things to know and to watch out for

  • When you issue the check or when you receive it, it is important to verify that it is complete with all mandatory elements: 1. place and date of issue; 2. amount in letters and figures; 3. Name of the beneficiary; 4. signature of the account holder issuing the bank check (the so-called "signature") or the bank issuing the cashier's check. Checks without any of these requirements are not regular, can not be cashed in with the new CIT procedure and must be issued again.

Furthermore, it should be noted that the "non-transferable" clause must be present on checks of an amount equal to or higher than 1.000 euro, usually already present on check forms issued by the bank or by hand, by the account holder, if not present on "old" and not yet used check forms, in order not to incur penalties.

  • To facilitate the digitization process of the check and its collection, it is appropriate:
  • fill in the check with a writing that is as clear and comprehensible as possible;
  • affix the signatures of traction and turn, any stamps and other relevant information in the appropriate spaces, avoiding that the various data overlap and become difficult to read;
  • keep the check carefully, avoiding damage or consumption.

If it is not possible for the bank to create a valid digital image, the check is subject to a longer processing process, which the client is promptly informed by his bank.

  • If a check is not paid, the bank does not return to the customer the original paper check (without legal value and which can be destroyed once the bank has generated the digital image), but a paper copy in accordance with the electronic document with information related to non-payment. The banks issue only one certified paper copy that can be used by the customer instead of the original paper copy.
  • It is always good to be wary of those who ask to send a photograph of a check to complete a purchase, perhaps at a distance or on the web. Checks continue to circulate on paper and banks create digital images. Often the request for check photos conceals fraud attempts.

Abi, the digitization of payments also passes for checks

| Economics, PRP Channel |