V-CHECK System - Questions and Answers
For a deep understanding of V-CHECK system,
Please read the following FAQ.
V-CHECK team wishes you a pleasant use.
Before opening an account, registration in the V-CHECK Company's payments system is required through the Company's website or by downloading the application in the Google or Apple virtual store for free! A short registration process is then carried out, in accordance with the instructions, including filing out personal details, a password and setting up a credit and debit account in which funds can start to be deposited, transferred to others and paid by V-CHECK.
Entry to the "Personal Area", on the website www.v-check.co.il, shall be via the login password. In the personal area you can set up an account debit authorization (for the purpose of issuing payments). You can also view various receipts and payments which create your future cash flow. For your convenience, "the cash flow" for Excel files can be downloaded. A payment or a series of payments may be sent, deposited, transferred to a third party a second signatory can be defined and confirmed, a credit only bank account may be defined, etc.
For full use of the V-CHECK payments system, an account debit authorization must be created. Defining a bank account is done in the "Personal Area" located on the website (First time here? Register). In the Personal Area > Account debit authorization - Select the relevant bank and continue the process by following the instructions on the site.
Anyone with a mobile phone (smartphone) who is over 16 years of age can set up a V-CHECK account.
If you are not registered in the V-CHECK payments system, you will receive an SMS message with a link that invites you to
register. After completing the short registration procedure, as described above, you can deposit the payment or transfer it to another.
Should you not register as required, within 14 days from the date on which it was forwarded to you, the digital check shall become invalid and unusable.
After entering the system, on the main screen click on the send V-CHECK option. Fill out the details of the digital check:
Select a payee from the list of contacts on your device and/or by typing a phone number (on the site), specify the amount to be paid,
the repayment date, and whether the check is to be for the named payee only or negotiable (transferable to third party).
Then confirm the check details and the payment will be sent to your contact (the addressee). In addition, through the Company's website you can choose to send a series of monthly/weekly/daily payments (up to 24 forward payments).
Before sending the digital check, an account debit authorization must be set up in the personal area.
On the Account Details screen, on the V-CHECK Received tab.
Payments can be viewed in the personal area by filtering on the main screen. You can see the payments you received in your V-CHECK account. You shall be able to receive cash, post-dated, negotiable, or payee only checks.
Negotiable and post-dated checks received in your account may be endorsed or deposited in the bank account according to the bank account details which you entered.
A "payee only" check received in your account can be deposited using the bank account information which you entered.
There is an option of defining the account to accept negotiable V-CHECKs only, in which case it shall not be necessary to define account details (debit or credit) and the V-CHECKs which I receive may only be accepted and endorsed.
Defining a second signatory in the account allows you to transfer a digital check that has been written from your account to
the second signatory for approval (a contact you have defined). After the second signatory's approval, the check will be sent to the payee.
Defining a second signatory can be done during the initial registration or by changing the settings.
Points to note:
• A digital check sent to the second signatory shall become invalid if not approved by him within 14 days of receipt.
• Defining a second signatory shall mean that all V-CHECKs submitted for signature shall be sent to the new signatory whose details were entered in the system.
• Canceling the definition of a second "signatory" completely (without defining a new second signatory) shall not eliminate the need for the second signatory to approve checks that were sent to him prior to that cancellation.
Upon receiving a digital check, 3 main actions can be taken:
• Deposit - A digital check bearing an immediate repayment date can be deposited as can a deferred check in which case a deferred deposit will be made. In practice, on the repayment date, the money shall be deposited as required in accordance with your payment instructions.
• Transfer A negotiable digital check received in your account can be transferred to a third party.
• Rejection Rejection of payment Should you do not wish to receive the payment for any reason, it can be rejected. In this situation, the digital check returns to the last party that transferred it. If the reject instruction returns the digital check to the party who originally wrote it, then the digital check shall become invalid.
It should be noted that once the repayment date has arrived, it shall no longer be possible to transfer or defer the payment. Should the digital check have been deposited or deposited as deferred by you, the action cannot be cancelled.
The maximum figure for a single digital check is NIS 20,000. The total expenses in the account shall not exceed NIS 100,000.
You can contact V-CHECK to increase the expenditure limit - 972-077-8100431 email@example.com
There is no limit to the number of times that a negotiable payment can be endorsed.
However, once the repayment date has arrived, the digital check can no longer be transferred/traded but only deposited. It should be noted that a digital check can be deposited up to one week after its repayment date and thereafter it becomes invalid.
There is no limit to the number of checks which can be duplicated, subject to the payment ceilings, as aforesaid
The repayment date is the last date on which an action may be taken in relation to a payment received in your account, such as endorsement or rejection.
It should be noted that a digital check can be deposited up to one week after its repayment date and thereafter the receipt becomes invalid.
It should also be noted that after a deposit or a deferred deposit has already been made, on the Repayment date, the action of
depositing the money in the bank account which was defined in the V-CHECK account begins.
Please note that the money shall be transferred to your account within 7 days from the date of the actual deposit.
Receipt/payment by V-CHECK does not constitute a bill under the Bills of Exchange Ordinance.
Please note that the realization of the rights upon the return of a digital check can be done through Section 81A (a fixed transaction) of the Execution Law or within the framework of a summary procedure claim.
The digital check writer can see the details of the payment that was sent and the details of the digital check holder at any given time.
The digital check writer can also see the change in the balance of his account at any given time.
1. Pending - A new digital check (whether negotiable or payee only) sent by a user will be shown as having "pending" status until an order has been given by the recipient. Once an order given by the recipient - "deposit/transfer/reject - has been implemented, the writer of the check shall be able to see the change in status of the payment in the digital check details.
2. Deferred deposit - Receipt of the check and its future repayment date shall appear on the Account Details screen. The recipient can give a "deferred deposit" instruction so that the digital check shall be deposited in advance, before the repayment date has arrived.
3. Pending (in the process of being deposited) - A status created by clicking on the control button, between the repayment date and the actual transfer of the check into the payee's account.
4. Deposited - Where a digital check has been received and the repayment date has arrived or it was written for immediate payment, the recipient may enter a deposit instruction, in which case, the status will change to Pending (in the process of deposit). Once the actual payment has been transferred, its status will be changed to "deposited".
5. Transferred - A digital check which has been received shall appear on the "V-CHECKs Received" screen, with "Pending" status. The recipient may endorse the check, following which its status shall be changed to "Transferred".
6. Transferred (deposited) - A digital check transferred by a second party to a third party, etc. will appear with "transferred" status until a "deposit" has been made, following which its status will be changed to "transferred (deposited)".
7. Invalid – Should the recipient of the digital check not deposit it within 7 days of its repayment date for any reason, then the digital check shall become invalid. In other words, it may no longer be deposited and no further action may be taken in relation to it.
8. Rejected – The recipient of the digital check can refuse to accept the payment, in which case it shall be returned to the last person who forwarded it.
9. Second signatory pending (awaiting signature) A digital check was transferred for the approval of a second signatory which has not yet been given. The digital check will appear in the writer's account with "awaiting signature" status.
10. Rejected (second signatory) A digital check was transferred to a second signatory for approval who rejected it. The status will change to "rejected (second signatory)".
At the top of your Account Details screen the amount of the future receipt will appear at the top of your 'V-CHECK received' screen. Please note that the system calculates the total of payments received and which are classified as "Pending" (in the process of being deposited), "Deferred Deposit" and "Pending." On the Account Details screen, the amount of the future charge will appear at the top of the "V-CHECK Sent" screen. Please note that the system calculates the total of receipts sent and which are classified as "Pending", "Second Signatory Pending (awaiting signature)", "Pending (in the process of being deposited)" and "Deferred Deposit".
The system supports versions IOS 6S or above when fingerprint identification is required to use the system and as regards the ANDROID system the various versions currently available in the local market.
Extensive details of payments and receipts for up to the last two years can be viewed in the personal area by filtering.
Debit and credit payments can be made through the following banks: Poalim, Leumi, Discount, Mizrachi, First International, Mercantile, Union, Massad, Yahav, Otsar Hahayal, Jerusalem and Poalei Agudat Israel.
V-CHECK undertakes to comply with the most stringent information security standards and to operate to the highest standards. Your money shall be protected in the most secure way. We conform to the TLS 1.2 Security Protocol.
Details of the commissions can be found on our homepage.
If your mobile device has been replaced, the account on the previous device can be transferred to the new device. This replacement will transfer all account activity to the newly updated device.
When entering the personal area or application, there is an orderly procedure for changing the password (login screen).
You can replace the code in the side menu of the application, I have forget my password/security code.
If your mobile phone is lost, please update our customer service department by email: firstname.lastname@example.org
A future value date of up to one year forward can be recorded on a V-CHECK.