paycheck
The Spanish term 'cheque nominativo' translates to 'paycheck' in English. It refers to a written document, issued by an employer to their employee, instructing a bank to pay a specified amount of money from a specified bank account. The recipient of the paycheck, who is the employee, can deposit the check into their bank account, or cash it directly. A paycheck often forms a significant part of an employee's salary or wages.
The nominative check must be redeemable only by the beneficiary.
This phrase indicates that a nominative check can only be cashed or deposited by the person whose name is written on it, ensuring security and preventing unauthorized access.
When receiving a nominative check, always check that it is signed.
This sentence emphasizes the importance of checking the endorsement on a nominative check before accepting it, as a signature is often required for it to be valid.
Nominative checks are common in large commercial transactions.
This phrase suggests that in business dealings involving significant amounts of money, nominative checks are often used to ensure that payments are secure and traceable.