New regulations for the use of checks takes effect

The checks will only be protested by financial institutions when they do not have funds. If these have defects the date format, a different signature than that recorded by the bank or if these have stamps or captions that condition their payment, these will be returned. These are some of the amendments to the Regulations of the new rules in force since Monday, September 29 and that is provided in resolution 2014-234 that the Superintendency of Banks issued on March 13.

According to the provisions of the organism, when writing a check, the place and date of issue should be clearly indicated. This latter can be written in letters and numbers or only letters or only numbers. This last option should be followed the order: year, month and day.

In addition, signatures on checks will have to be made with dark colored ink. Checks issued and payable in the country must be presented for payment within 20 days from the date of issue.