Write a check and use ECHEQ correctly

The check is a money order against a bank account. Learn about its types, how to issue it validly, and what to do in the event of rejections, losses, or theft.

A check is a payment order to a bank that allows the person receiving it to collect a certain sum of money.

It is used as a means of payment, replaces cash and allows a withdrawal to be made without the person who collects it being the account holder.

Types of checks

– Common check: can be charged from the moment it is issued. Has 30 days to be filed.

– Deferred Payment Check: Issued on a date, but may be cashed at a later date (up to 360 days). It also has 30 days to be filed, counted from the expiration date set by the person who issued it.

– Cancelling cheque: it is issued by the Central Bank and delivered to the banks on consignment. It is valid for 30 calendar days from the date on the document. It can have up to two endorsements and be issued in pesos or dollars (the latter only for real estate transactions).

– ECHEQ: cheque issued by electronic means that can be endorsed, guaranteed, negotiated, placed in custody, assigned and deposited fully electronically.

To write a paper check:

– Use indelible ink.

– Fill in all the fields: date, amount (in numbers and letters), name of the person who collects it and signature.

– Don’t leave blank spaces.

– Avoid erasures and amendments.

– You must have the CUIT, CUIL or CDI of the beneficiary.

– Only current account holders can issue ECHEQ.

– If you need to reverse the operation, you can cancel the ECHEQ as long as it has not been accepted by the beneficiary or request a refund if they have already accepted it.

You can deposit an ECHEQ through the platform enabled by your bank:

– Once you accept it, select the bank and the deposit account.

– The accreditation deadlines are the same as for the paper cheque: 48 hours.

A check may be bounced for lack of funds, issuance errors, or account issues. In these cases there may be fines or penalties.

If the ECHEQ was rejected:

– It can be returned at the request of any endorser, guarantor or the drawer to reach a payment agreement.

– It can be transferred to third parties through the “electronic transfer of rights”.

– As a last resort, the Certification to exercise civil actions (CAC) can be requested. Once the CAC is printed, the e-return or e-release functions can no longer be used.

– Notify the bank immediately.

– That same day present a note at the branch with:

• Name of the bank and branch.
• Account number and denomination.
• Reason for the complaint.
• Type and number of lost or stolen checks.
• Name, surname and document of the person complaining.

– Within 48 business hours you must file the complaint with the competent authority.