1. Product Definition
Check is a kind of bill that the drawer draws and entrusts a bank or other financial institution that offers check deposit service to pay to the payee or bearer on sight the specified amount of money unconditionally.
2. Product Features
Checks can be divided into four types: cash check, transfer check, crossed check and open check. Specifically, the cash check can only be used to withdraw cash, the transfer check and the crossed check are for transfer purpose only, and the open check enjoys both cash withdrawal and transfer.
All settlements of funds in the same exchanging area can be made via check. All checks should be registered and may be transferred by endorsement. Without limit on threshold amount, checks can be used to withdraw cash or make transfer. The valid period of a check is 10 days starting from the drawing date, and the date of maturity will be postponed accordingly in case of festival and holiday. All checks can be reported for loss.
3. Application Procedures
All entities opening the deposit accounts with the Bank can take checks after filling in and signing on the “Sheet for Taking Bills and Settlement Vouchers”, which should be examined to be correct.