Types of bank checks

We know that checks are a method of making/collecting payments, but what about the different types that exist? We will explain each of these for you

A check is a document that a person (issuer, or giver) extends to another (payee or bearer). In the check, an amount of money that the bearer will withdraw from the giver's bank is indicated; a checkbook is, therefore, a means of payment

What types of checks are there? 

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  • Bearer check: It is the most common type of checkbook. The payee is the person that hands the check in at the bank, simply put. It can be given to a third party in order for them to collect the payment; this is called endorsement. For this reason, a bearer check can prove rather dangerous; in the event of loss, anyone that finds it could collect the payment.
  • Order check: This type of check is the most advisable, as it is more secure: the only payee is the person or entity whose name appears on it. If it is an order check, it will expressly allow the third party named on it to cash the check. And if it is not an order check, it will not allow it, it may not be endorsed.

To reduce the level of risk in the event of loss or theft, the two aforementioned types of checks can be found with the following formats or conditions of collection

  • Crossed check: If we want a check to not be collected in cash, we can cross it by drawing two parallel lines that cross the check vertically. This will mean that the check can only be deposited into an account. This way, there will always be a way of identifying the person that collects it.
  • Certified check: In this check, the bank guarantees the solvency of the issuer. The bank issues the check with a certificate that supports its subsequent collection. At the same time, the bank withholds the amount of the check in the issuer's account to guarantee payment.
  • Bank check: It is signed by the bank, which will be responsible for paying it, which represents a greater guarantee of collection. If it is a check against the Banco de España, this will be the entity that pays it.
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There are also other types of checks, although they are very uncommon: window checks, which are like a confirmation of receipt that the payee signs to indicate that they have collected the payment, or traveller's checks, which are issued in a foreign currency to other non-banking intermediaries.
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