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Kim Schroll is senior vice president
at NebraskaLand National Bank in North Platte. |
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| “If you primarily use
cash when traveling, you are risking losing your money with little
or no recourse.”
- Kim Schroll of NebraskaLand National Bank
in North Platte, NE
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Money Matters
Travelers' cheques provide peace of mind when traveling and are easy to
buy. Unlike cash, travelers' cheques are protected, from the moment you
sign them to the moment you spend them. If the cheques are lost or stolen,
they can be replaced, virtually anywhere in the world, usually within
24 hours.
Travelers' cheques can be purchased in several denominations with a single
or dual signature. The purchaser signs the cheque in the upper left-hand
corner at the time of purchase and countersigns the cheque in the presence
of the person cashing the cheque.
Cheques for Two provide a unique dual-signature feature, which enables
two people to use the same cheques.
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Only one person needs to be present to purchase the cheques but either
person can use them. Cheques can be purchased at most banks and they do
not have an expiration date.
A purchase record and refund-information form is provided with travelers'
cheques. A person should use these forms to keep track of the serial numbers
and document where and when each cheque is spent. Following this procedure
will ease the process of requesting replacement cheques in the event they
are lost or stolen.
Safety precautions:
· Sign your checks in the upper left-hand corner at the time of
purchase.
· Safeguard your travelers' cheques as you would cash and vault
them at night.
· Do not countersign the cheque unless you are in the presence
of the person cashing the cheque.
· Carry the purchase record and the refund-information form separate
from the cheques. Keep track of the serial numbers and document where
and when you spend each cheque.
· Carry your identification separate from the cheques.
If you choose to use a credit card or a check card when traveling, be
cautious of where and when you use the card. If fraud occurs, you normally
are not aware of the situation until you return home and it makes disputing
a transaction much more difficult.
Some cards also have daily or total spending limits, which you will want
to be aware of prior to traveling and making your purchases.
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Main:
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