What is a Bank Giro Credit?

Have found this people may be interested in.

https://www.wisegeek.com/what-is-a-bank-giro-credit.htm

"The bank giro credit is used in the paper equivalent of an electronic money transfer. It is not a payment instruction, but rather a piece of paper containing information needed to transfer money from one account to another. This paper allows either the payer or payee to provide more information than would be communicated on a paper check itself."

"The most common form of giro credit in use today is on paper bills from utility companies. This appears as a tear-off slip at the bottom of the bill. The customer then either returns this slip in the mail along with a check, or takes it to a bank or post office to make a payment by check or cash." These last few words have to be erroneous?

"This type of bank giro credit contains details not only of the amount of the due payment and the name of the utility company, as would appear on a check, but further information such as the customer reference number for the company and, most importantly, the bank sort code and account number for the account the company uses to receive payments. This serves two purposes. Firstly it makes sure the payment goes to the correct account. Secondly, it helps identify the customer making the payment in case of confusion."

The phrase "due payment and the name of the utility company, as would appear on a check", what is written on the tear off slip under the thick black box?

"Cheque acceptable at a post office" or "Cheque not acceptable at a post office". Your name appears on that slip in what could be argued the payee position, but that name REALLY is a payee too, obviously the Utility Co is the payee (one that receives the discharge).

Note the value to be transfered is written in the thick black box, that is added value. If you were going to discharge a bank giro credit that required value adding the numbers would be written in by hand & accompanied with cash or cheque.

My point here is to out line that tear off slip is a cheque but as it happens no one can do anything with so transfer back to be discharged.

Apparently, it's a paper slip used to transfer money between accounts, and it contains more information than a typical check. It's commonly seen on utility bills and can be returned with a check or paid in cash at a bank or post office. One thing that caught my attention was the mention of paying bills by check or cash. I thought these methods were outdated, but it seems like they're still widely used. It's good to know that there are other options besides electronic transfers and credit cards.

Kaddabriol wrote:Apparently, it's a paper slip used to transfer money between accounts, and it contains more information than a typical check. It's commonly seen on utility bills and can be returned with a check or paid in cash at a bank or post office. One thing that caught my attention was the mention of paying bills by check or cash. I thought these methods were outdated, but it seems like they're still widely used. It's good to know that there are other options besides electronic transfers and credit cards.

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