Checks: 10 things to know in order not to be mistaken

Are we sure we know the rules for filling out checks without making mistakes? In recent years the various budget laws and sector regulations have introduced several innovations regarding how to write bank checks and up to what amount cash can be used. This is why the Abi - the association that represents the major Italian credit institutions - has decided to launch an information campaign on the use of cash, checks, accounts and savings or deposit books, to help consumers become aware of the rules and thus avoid unpleasant situations. Here are the 10 things to know and pay attention to in order not to be mistaken:

1. The transfer between private individuals, without making use of authorized subjects (for example banks), of cash and bearer securities (for example checks without indication of the beneficiary) for a total amount equal to or greater than 3.000 euro is prohibited; The "ceiling" on the use of cash it has been modified several times but currently this is the threshold beyond which one cannot go.

2. Bank, cashier's or postal cheques amount equal to or greater than 1.000 euros must include - in addition to the date and place of issue, amount and signature - the indication of the beneficiary and the "non-transferable" clause. So be careful if you use a check form that you have collected from the bank for a long time and check if the check bears the wording "non-transferable". If the wording is not present on the check, it must be added for amounts equal to or greater than 1.000 euros;

3. Banks, in the light of the provisions of the law, automatically deliver checks to customers with the pre-printed wording of non-transferability;

4. anyone who wants to use free-form cheques, for amounts of less than 1.000 euros, can do so by submitting a written request to your bank;

5. for each check released or issued in free form, i.e. without the wording "non-transferable" is required by law the payment by the applicant of the check of a stamp duty of 1,50 euros that the bank pays to the State;

6. The opening of accounts or savings books is prohibited anonymously or with a fictitious header and their use is also prohibited even when opened in a foreign country; deposit books, bank and postal, can only be issued in registered form, i.e. in the name of one or more specific persons;

7. for those who still hold bearer passbooks, there is a window of time for extinction, expiring on 31 December 2018, their transfer is however prohibited;

8. in case of violations for the cash and check threshold (such as failing to state the “Non-Transferable” clause) the fine varies from 3.000 to 50.000 euros;

9. for the teatransfer of passbook books to the bearer the fine can vary from 250 to 500 euros. The same penalty applies in the event of failure to extinguish existing bearer passbooks by the deadline of 31 December 2018;

10. for the use, in any form, of anonymous accounts or passbooks or with fictitious names, the fine is a percentage and varies from 10 to 40% of the balance.