Complete Handbook on Bank Accounts, Checks, and Promissory Notes

1. Bank Accounts

Passive operations are established through customer willingness, formalized through a lease of deposit called Bank Accounts, whose opening requires an initial deposit of money or customer imposition. At the moment of liquidation, the bank must return to the customer the full amount deposited, along with any financial yields from the institution, committing to restore them in exchange for a compensation of interest. These can be collective or individual; among them are:

• Joint accounts (conjuntas): Accounts where it is necessary for all holders to sign to exercise rights.
• Several accounts (indistintas): Accounts where any holder can exercise rights without needing the signatures of others.
• Mixed accounts: Accounts where some holders must act jointly and others can act indistinctly.

There are several types of account interest:

• a) Reciprocal interest: Same when the debtor and creditor balances are equal; non-reciprocal when debtor and creditor balances differ. It is fixed when applied to the whole operation, and variable when the bank can change the interest rate, applying different rates depending on whether there is a creditor or debtor balance.
• b) Term of availability: Sight accounts, in which guests can dispose of money at any moment, versus term accounts, which require a specific deadline or agreed time limit to dispose of funds.
• c) Specific characteristics: Checking accounts where the holder deposits funds to withdraw or increment at will; suprcuentas, which offer a superior interest rate and features similar to savings books where all operations are annotated.

2. Checking Accounts

A contract by which a person deposits cash into a credit institution, which can be withdrawn at any time using checks or cash while the institution uses this money to perform other operations. Concession is a unilateral credit; the available balance can be accessed at any moment by its owner. The institution must provide a checkbook for cash disposition through checks. Deposits can be made via cash, transfer, or presentation of notes. Checking accounts entail management services that allow depositors to withdraw or deposit funds.

3. Suprcuenta

A specialized type of checking account with higher profitability. It typically does not present debtor balances; having them would cause it to lose high profitability. They are liquidated using the Hamburg method: the first time commercial operations occur, the daily average balance is calculated, and the tax franchise application is taken into account. Then, tax retention is calculated at 18% in favor. Finally, the latest features, balances, retentions, and commissions are calculated for the closed funds in the suprcuenta.

4. Savings Accounts

A sight deposit contract of money in which the bank compromises with the cardholder to return the full deposited amount at any moment required.

Classifications and Differences Between Checking and Savings Accounts

• a) The fundamental proof of a checking account is the bank statement sent to the client's home, whereas savings accounts use a savings book or passbook.
• b) Checking accounts allow the use of checks, while savings accounts do not.
• c) Savings accounts generally offer superior remuneration compared to checking accounts.
• d) Checking accounts can present a negative balance (red), while savings accounts cannot.

Housing Savings Accounts

Deposited funds allow personal income tax deductions as long as two conditions are met:

• a) The money deposited in the account must be destined for the acquisition of the habitual dwelling, understood as the home where the contributor has lived for at least 3 years.
• b) The deadline must not exceed 4 years from the tax deduction, though taxpayers may exercise the option to purchase additional years for the dwelling without losing the aforementioned benefit.

This is a savings and investment product. Each contributor can open only this type of account, allowing fund transfers from one institution to another, and accounts must be exempt from the rest of the deposits.

5. The Check

A title of value by virtue of which a person who emits it (drawer) orders another (drawee), which is a credit institution, to deliver the full figure of money indicated in the document. The order must be a pure and simple payment, payable on sight (upon presentation). It must be drawn against an institution holding funds at the disposal of the drawer, cannot be accepted, and can be endorsed.

The check must contain the amount to pay in numbers and letters (with letters prevailing in case of contradiction), the signature of the drawer, the place of payment, the date of issue, and the designated drawee.

Special Checks

• Certified Check (Forming): Carries a bank guarantee requested by the drawer or holder to ensure the check is fully covered. The drawee or holder requests the bank to include its conformity ("CONFORM") to accredit the authenticity of the check and the existence of sufficient funds in the drawer's account.
• Crossed Check: Bears two parallel lines drawn by the drawer or holder to reduce the risk of theft. The holder must identify themselves as a bank customer to cash it. It can be general (can be paid only to any bank or client) or special (specifying a designated bank between the lines).
• For Deposit Only Check (Para abono en cuenta): The drawer or holder prohibits payment in cash by inserting this clause on the obverse.
• Counter Bank Check: Issued by a banking institution for a customer who holds a checking account and needs funds immediately without a checkbook.

6. The Promissory Note

A value title containing a promise to pay a specific amount of money by a signer in favor of another person (holder).

Characteristics

It is a promise of payment, not an order of payment like a bill of exchange or check. The endorsement and maturity terms have specific conditions, and notes cannot be presented for cancellation fees before their maturity date.

The promissory note must include the denomination of the issuing office and drawee, a clear promise to pay a determined amount, maturity indication (considered payable on sight if unspecified), and place of payment.

Classes

• a) To Order: Designated in favor of a specific rights holder.
• b) Nominative: Without the "to order" clause.
• c) Not to Order: The signer explicitly prohibits the endorsement of the title.
• d) Blank Note: Must be completed according to prior agreements before payment.

7. Fixed-Term Deposits or Impositions

Money deposits that provide a fixed profitability during a determined deadline, committing the holder not to dispose of the deposited funds. Credit institutions offer these alongside sight deposits. If the holder withdraws all or part of the funds before the fixed maturity date, they face a penalty and lose all accrued interest. Once formalized and funds are deposited, the customer receives a passbook where all impositions, withdrawals, and other movements are registered. The passbook is nominative and non-transferable. A savings account is typically associated with the fixed-term deposit to receive corresponding interest payouts.

8. Certificates of Deposit

Money deposits offering a fixed profitability for a determined term. Unlike traditional deposits associated with a non-transferable passbook, these are issued as a document by the bank, which can be transmitted by endorsement, allowing the holder to obtain liquidity from their funds before maturity. The minimum investment is typically one thousand euros with a minimum term of one year.