Understanding Current Accounts, Checks, and Deposits
Current Account Basics
Current account: This is an irregular deposit contract, with an additional service agreement provided by the cash custodian.
Irregular deposit: The depositary (receiver) acquires ownership of the deposited item and promises to return to the depositor at the contract’s maturity, either the same item or its equivalent value.
Check Information
Cheque: Mentions in the clauses of this check passed for payment by: Al carrier, on behalf of a particular person with clause <<not to order>> and on behalf of a specific person with or without clause <<a the order>>.
The issuance of an uncovered check allows the victim to ask the courts: The drawer an additional 10% to the amount unpaid, in addition to the damages that have occurred.
Force exchange: You can claim the amount through a view exchange.
Track record: Actions in case of default of a check: You can bring proceedings to claim your cash exchange rate against the person who gave it, against the previous endorsers if any, and against the drawer.
Way to prove the non-payment of the check: For notarial protest / / For a statement of the drawer / / In a statement dated in a camera or compensation system
Comforted check: A regular check where the bank delivered a clause inserted which proves its authenticity and the existence of sufficient funds in the account of the drawer for payment.
General Crusader: It consists of drawing two parallel bars on the front without giving anything between them, or saying the words <<bank>>, <<compañía>> or equivalent term. It says that bank has to charge.
Special cross: is inserted between two parallel bars the name of a credit institution. His goal is that you have to collect revenue for the bank.
Check window: Sometimes current account holders wish to raise funds, but do not have the checkbook that allow them to perform the layout.
Joint and Solidarity Accounts
Joint account and joint account. Cash pool: the owners act in common is precisely the signature of more than one to dispose of all or part of the deposited funds. Solidarity or indistinct accounts: there are several owners and each of them can have the cash deposited, including the entire balance, without requiring the consent of others.
Savings vs. Current Accounts
Difference between savings account and current account:
- The first is delivered to the holder notebook to record receipts and payments and the second a checkbook.
- Was intended to have less movement than the second, so had a fortnightly valuation of interest.
- The current account produced a lower interest rate than savings accounts, as these had among its objectives the promotion of savings
Referenced and Structured Deposits
Referenced deposit (concept) and structured deposit (concept):
- Referenced deposit: is one whose appreciation depends on an index. Example: EURIBOR, IBEX 35.
- Structured deposits: often linked to changes in the prices of some shares.
Valuation Dates for Interest Calculation
Valuation dates in the calculation of interest.
| Operation Check (Debit) | Valuation Date | Kind of Operation (Subscription) | Valuation Date |
|---|---|---|---|
| Check or compensation paid in the office window waged | the same day of payment | cash deliveries before 11 am | Same Day Delivery |
| Firm paid checks by other offices or other entities | the same day of payment | cash deliveries from 11 am onwards | the next working day delivery |
| Withdrawals or fund provisions | the same day of payment | delivery of checks of the entity | Same Day Delivery |
| Transfer orders or similar | the day of the order | delivery of checks from other banks | second business day following delivery |
| Money transfers from the entity itself | the day of the order | ||
| Money transfers from other entities | second business day following your order at the office of origin |