What is the difference between cash and clearing checks?
The importance of checks has fallen sharply in Germany. Only a small minority still pays for it in the private customer business. In countries such as the United States or the United Kingdom, by contrast, check payments are still more widespread.
The vulnerability of the economy to paying employees by check was felt by the British economy in October 2009, when some 120,000 Royal Mail postal workers took part in a nationwide strike to support the CWU union on a daily basis. Because over 100 million unsorted letters remained after press reports in the camps. There were also many letters with salary checks in this huge stack.
Basically, a distinction must be made between the crossed check and the check. With a check, a payment obligation can be fulfilled without cash. It is important to ensure that the form is duly and completely completed. Checks may only be issued if the relevant bank account has sufficient credit or a corresponding disposition credit can be claimed.
If you issue a check and do not want this check to be paid out in cash, write the note “Only for clearing” across the front page. If you submit the check, you can only use such a crossed check to credit your account. Advantage: If an unauthorized person comes into possession of such a check, it is easy to determine on whose account the check was credited. The crossed check is therefore the usual form when sending a check by post.
Checks received must be submitted to the bank on a check submission form for collection. The bank confirms the receipt and the account credit “subject to receipt”. The credit will be “conditional” because the bank account of the check issuer may not be covered or the check may be suspended. In such case, the credit will be reversed.
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