It is relevant to know the number of days available to cash a check in Mexican territory, something that may vary according to the bank's policy, and by the law that applies in these cases.
Do checks expire?
According to article 181 of the General Law on Securities and Credit Transactions, checks have an expiration date, since they must be submitted for payment within the time periods indicated below:
- They can beat the fortnight after their date of issue, if they are paid within the same place where they were issued.
- It is valid for one month. if they were dispatched to locations other than Mexican territory.
- In three months they can expire if the check is issued abroad to be paid in Mexico.
- It will expire in three months if it were issued in Mexico to be paid in another country, provided that the laws of the place of presentation do not determine another period of time.
Types of checks in Mexico
There are two types of checks:
- Nominative: One that is issued for amounts of money that exceed what was established by the Bank of Mexico, through provisions of a general nature, published within the Official Gazette of the Federation.
- To the carrier: When the check does not indicate the identity of the person who should collect it or, failing that, if so indicated and also, it has the bearer clause.
The nominative check it can be issued in favor of a third party, either to whoever is the draftsman, or to the draftsman, while the check that is issued or endorsed in favor of the draftsman cannot be negotiable.
What to do with canceled checks?
The interested party can go to the financial institution to request the corresponding replacement, indicating if the check is nominative or bearer.
With a canceled check, these things can happen:
- The replacement can be ordered for deterioration or damage, due to the loss of the check, or because its validity period has ended, after having been issued. In all these cases, whoever wishes to have the check replaced will have to show their current identification document.
- Only in the case of the loss of the check The reason is that a review process must be carried out in the electronic system of the bank where the drawer has his account, to find out if it was charged.
- If it has not been charged, the bank must declare it as lost, to proceed with its replacement, so the customer must fill out the form provided by the bank and enter their official identification.
- In the event that the check appears as cashed, it will not be reissued and the customer must send a letter to the bank to clarify the collection of the monetary amount of the check.
- If the check is canceled due to seniority (up to six months after it was issued), it is necessary for the interested party to go with their identification to the human resources office, in case it is a nominative check issued by a company, or to the bank if it is a bearer's check.
Where to change checks?
According to Article 180 of the General Law on Securities and Credit Transactions, the check must be presented to be changed or, failing that, for payment, at the address indicated in its content, or at the bank branch of the beneficiary's preference.
Causes for returning checks
Here we introduce you some of the most common causes, Why does the of return of checks:
- Lack of liquidity or funds.
- Insufficient funds or balances.
- Check that has been partially paid.
- Check drawn with someone else's checkbook.
- Cancelled account.
- Settled account.
- Embargoed balance.
- Order of non-payment.
- Presentation of the Check up to 6 months after the date of issue.
- Spinner failure.
- Counterfeit check.
- Unregistered signature.
- Signature different from the registered one.
- Signatures are missing.
Let's not forget that the check can only be issued by someone who has funds available within a financial institution, and at the same time, you have the authorization of the same so that you can release them, since it is an instrument that allows you to pay a monetary amount at a certain time, provided that the bookseller has funds available for this purpose.
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