CHECK COLLECTION

frequently used as a means of payment in commercial transactions in their collection . According to Article 3 of the Check Law No. 5941;

A check with sufficient funds will be paid when presented to any branch of the drawee bank where the account is located, after verifying the holder's tax identification number, if any. However, if the check is presented to a branch other than the one where the account is located, it will be paid only after verifying the funds at that branch

After verifying the formal requirements and collection status of the check, it will be in the best interest of both parties to pursue collection from the drawee bank. In this context, the following points should be considered during the check verification phase :

• The future maturity date should be considered
• The place of issue should be checked
• The amount must be expressed both in numbers and in words
• If a check is to be received that has been endorsed, and the bearer section is marked "issued to a specific person," it should be verified that this person is the original endorser
• The presence of a hologram on the check should be checked
• The drawer pays the check and confirmation of payment status is obtained from the drawee bank

Clearing the check…

The process of clearing a check occurs when the payee wishes to collect the check amount from a bank other than the drawee bank where they have an account. After applying to the Clearing House, the check amount will be transferred to the payee's account one business day after it enters the clearing house.

Cashing the check at another branch…

Checks can be cashed at the branch to which the drawee bank belongs, or at a different branch. In such cases, the check collection fee may increase.

For more information on this matter and for any other questions, you can consult with our experienced lawyers specializing in check and promissory note cases.