When you receive a check from your employer, tax office, or a family member, you expect the money to be credited to your account immediately. But in reality, you have to wait several days. You will therefore have to wait before you can dispose of the money and treat yourself! Why does the time it takes to cash a check vary? And how long is this paper payment method valid for? Find out everything you need to know about bank cheques: collection time depending on the place of issue, procedure carried out by the bank, reasons for rejection and associated costs, etc.
What is the deadline for cashing a cheque?
Check cashing time varies by bank. Some banking establishments, such as the Caisse d’Epargne, only needa day or two to credit your account. And this is all the more true if you are a regular customer of the establishment.
Conversely, other banks such as Banque Postale can sometimes take up to two weeks to cash a check.
Also note that the collection time will be longer (about 20 days) if the document comes from another European country. And in the case of a check from a country outside the European Union, the waiting time is even longer. Count up to 70 days.
But to avoid waiting unnecessarily, find out about the deadlines from your bank adviser or at the counter of your branch.
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Large amount: is the delay longer?
In general, the different banks indicate a collection period of two working days. However, for large amounts (i.e. several thousand euros), the period can be extended by a day or two. But more than the sum of the check, the waiting time largely depends on the bank.
However, to give you an average idea of the time it takes to cash a check regardless of the financial institution, it takes 8 days.
And in order to avoid any frustration as to the time it takes to cash a check for a large amount, ask your bank adviser or at the counter of your branch.
Read also >> How to verify a bank check?
Cashing my check: why does it take so long?
We would all like a check to be credited to our account immediately, without a waiting period. But in reality, this turns out to be impossible. Indeed, it takes several days before the amount of the check is cashed.
Beforehand, the bank must submit to several checks. And in the first place, she will make sure that it is a solvent check. He will therefore have to question the opposing bank to find out if the issuing person has enough money in his account to pay. This helps prevent fraud and blank checks, also called NSF cheques. Otherwise, you would be obliged to repay the amount paid.
This waiting period, although perceived negatively, helps to avoid unpleasant surprises and ensures the proper functioning of the bank and your finances.
Read also >> How long can a check be kept?
Why can a check be refused?
Reasons for rejection
A bank check can be refused for various reasons:
- lack or insufficiency of provision. This only concerns checks whose amount is greater than 15 euros;
- opposition for loss, theft or fraudulent use (e.g. imitation of the signature);
- procedure for safeguarding, reorganization or judicial liquidation of the beneficiary.
When a check is rejected, the deadline is 8 days for lack of funds or 60 days for other reasons.
Note that the time can be extended if the check is cashable abroad or in the DOM TOM.
The regularization of a blank check (or without funds)
Then, there are three ways to regularize a blank check:
- the provision is blocked in a special account;
- the check is paid when it is presented;
- the unpaid check is returned by the drawer to his bank in order to prove the regularization.
And in case of non-regularization of the situation, a certificate of non-payment is issued by the bank of the drawer of the check within one month (or after a second unsuccessful presentation). This certificate is served on the debtor through a bailiff. In the event of non-payment within 15 days of service, the bailiff may seize wages, bank accounts or seize movables.
Read also >> How to get a bank check?
Fees in case of refusal
In case of refusal of check for lack of funds, banks charge fees. These cannot exceed:
- €30 for checks under €50;
- €50 for checks over €50.
To know: if the same check is rejected several times during the 30 days which follow the first refusal, your bank cannot charge you fees again.
The period of validity of a check: how much is it?
A check has a validity period. This is for 1 year regardless of the place of issue (metropolitan France, DOM TOM, country in the EU or outside).
To this period of validity is added the period of presentation. This is the time the beneficiary takes to claim the collection. This presentation time varies according to the place where the check was issued:
- 8 days for an issue in mainland France;
- 20 days for a check issued in the rest of Europe;
- 70 days for checks issued outside the European Union.
On the other hand, to proceed with the cashing of the check, the beneficiary must obligatorily endorse it, that is to say affix his signature on the back of the document.
To stop payment of a cheque: is it possible ?
According to article L. 131-5 of the Monetary and Financial Code, it is possible to oppose the payment of a check in the following three cases:
- in the event of loss or theft of the check;
- in the event of theft or fraudulent use (eg: imitation of the signature, modification of the amount, etc.);
- during proceedings for the protection, reorganization or judicial liquidation of the beneficiary.
Note: in the other cases, it is an abusive opposition. This is then penalized.
And to block a check, call your bank without delay. Then tell your advisor the check number on which you wish to block.