Questions & Answers

Category:

Banking

Are bank checks exactly like cash?

The answer is Yes and No. In many ways, the checks are like cash. Although they are numbered, once stolen/lost/destroyed they are difficult to find/replace. Some merchants and banks will charge a fee for taking them, especially if they are issued by a bank in another city/town or one in which the merchant does not have an account or, in the case of bank, a rival bank. If you deposit them, you have to wait, sometimes 24-hours, before you can receive the cash. However, merchants who know you or who are likely to often be paid with checks, will not charge any fee.

K4E Editor's Note: Korea4Expats.com wants to provide you with as complete and accurate information as possible, so should you find any errors or omissions in the contents above please let us know at info@korea4expats.com.



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