Cheque guarantee card

The Euro check card ( short: EC - card) was until January 1, 2002, a warranty card for the redemption of a eurocheques. The name of the based on a check and a plastic card payment service, became one of the first brands in the field of financial institutions. At the same time eurocheque was the first cross-border service of its kind in Europe. It has now been replaced by the more effective debit card ( bank card, savings card).

Development

For the emerging retail banking the check or statement as the cash was not enough, because it was adopted by persons instead of fulfillment, who were convinced of the credit quality of their paying the contractor. Only on the basis of a comprehensive cooperation of European banks, the European launch of eurocheque and eurocheque card was made possible. In two meetings on May 10 and 17-18. October 1968 agreement was reached on the eurocheque logo, eurocheque name and eurocheque card, cashing Parameters ( financial institutions ) and the ( inter-governmental ) accounting. As of May 1, 1969 checks were issued as part of the eurocheque system and for the time being accepted in 18 countries. The number soon rose further ( to a total of 49), both concerned the number of countries with eurocheque output ( " active " countries ) as well as those with eurocheque acceptance ("passive " countries ). You are no longer limited to soon only to Europe but also included countries in the Middle East and North Africa. As of 1975, the eurocheque system was opened up to the non-banking sector.

Soon the ec - cards were equipped with additional skills that went far beyond a warranty card for eurocheques. With the advent of ATMs could now be removed with the EC card also from an ATM money or display the account balance. In a later step, the payment at vending machines or in shops was possible. Regarding this further, on the check guarantee beyond properties, see Electronic Cash and under debit card.

Function

The warranty card for the eurocheque bridged the weakness of a check can not be accepted by the drawee to which Akzeptverbot (Art. 4 Service Act). Although a statement can be accepted. By accepting an instruction is given to the payee, the verity of these against the drawee ( instructed ) originated receivables secured. But with the uncertainty about their credit rating, it has to be end of the matter. Therefore, the traffic needs demanded a guaranteed acceptance of obligation of the related bankers for claims up to a certain maximum amount of liability. This initially was DM 300, later 400 DM

Conclusion

The check issuer had the number of his warranty card entry on the back of the eurocheques. Thus, the Bank was able to determine whether the person for whose solvency it is to stand up, an authorized client of hers. The guarantee agreement between the payee and the bank came into existence in:

• Match the number, the signature of the issuer, the name of the financial institution and the account number on the warranty card and the form used for the eurocheque certificate,
• Exhibition of eurocheques within the period of validity of the warranty card,
• Timely submission of the check (domestically within 8, issued in foreign checks within 30 days ).

The warranty card had the payee is not presented. The ownership of the warranty card had the check issuer as a representative of ( aA as Übermittlungsbote ) of the related bankers. The check issuer entered into a guarantee agreement with the payee for the banker. Neither the delivery of eurocheques by the authorized check issuer to the payee the warranty claim of the payee was up to 400 DM

Objection exclusion

The demand of the payee of the guarantee agreement was abstract. Objections to the warranty claim, derived from the relationship between the bank and the check issuer ( coverage ratio), could not be charged by the bank. Such objections may be made by the exhibitor, for example, in a lack of funds in the account of the check issuer or the revocation of checks. Only if defects were presented in the conclusion or in the existence of the guarantee agreement that these were essential. This was, among other things be the case if the cardholder was not their rightful owners. Goods has been lost to the customer the forms for the eurocheque and filled it an unauthorized person with the correct card number and forgery of the signature, so came for example, a guarantee agreement is not reached, because the lack of power of representation of the trespasser a rechtshindernde objection concerning the establishment of the warranty contract was himself. The Bank adhered to the payee but for legal appearance point of view. Other objections concerning the emergence of the guarantee agreement, are all other defects in the establishment of the warranty contract ( lack of signature, etc ).

• Payments
• Smart card