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What are the different types of cheques in India?
What is a cheque in banking?
What are the four main items on a cheque?
What is the difference between a cheque and an order check?
- Bearer Cheque. A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque. These cheques are transferable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to.
- Order Cheque. In these cheques, the words ‘or bearer’ is cancelled. Such cheques can only be issued to the person whose name is mentioned on the cheque, and the bank will do its background check to authenticate the cheque bearer’s identity before releasing the payment.
- Crossed Cheque. You may have observed cheques with two sloping parallel lines with the words ‘a/c payee’ written on the top left. That is a crossed cheque.
- Open cheque. An open cheque is basically an uncrossed cheque. This cheque can be encashed at any bank, and the payment can be made to the person bearing the cheque.
- What Is A Personal Check?
- What Is A Cashier’S Check?
- What Is A Certified Check?
- Beware Certified and Cashier’S Check Fraud
Personal checks are slips of paper issued by your bank that feature the bank’s routing number and your account number. Checks are essentially written instructions ordering another bank or financial institution to pay a specified amount from the check writer’s account to the payee—the person or business named on the check. Sometimes a check may not ...
A cashier’s checkis a check that draws from the bank’s funds rather than the individual account holder’s. It’s a form of payment that guarantees the recipient there is enough money to cover the check. However, the person requesting the cashier’s check must first provide the bank with enough money to cover the check’s value. Cashier’s checks offer p...
A certified checkis like a personal check in that the funds are drawn from the signatory’s checking account. But with certified checks, the bank first verifies that the account holder has enough money in their account to cover the check. Due to this extra step, these checks are much less convenient for an account holder and generally unnecessary fo...
Although certified checks and cashier’s checks offer some additional security to both the check writer and the recipient, they aren’t foolproof. According to the Federal Trade Commission, several fraudulent check schemes rely on the fact that it can take banks weeks to detect a fraudulent check. By law, banks must make the funds from official bank ...
Sep 15, 2023 · Types of Cheques. 1. Bearer Cheque: A bearer cheque is one of the most common types of cheques, and it pays to the person who possesses it. It doesn’t require the issuer to name the recipient in the cheque, making it a convenient form of payment.
Apr 30, 2023 · Akawak Ejigu. A cheque is a written order that directs a bank to pay a specific amount of money from the chequing account of the person who writes it to the payee. The use of cheques is governed by laws such as the Cheques Act, which outlines the legal requirements for writing and processing cheques within the banking system.
Feb 29, 2024 · Types of checks include certified checks, cashier’s checks, and payroll checks, also called paychecks. In some countries, such as Canada and England, the spelling used is “cheque.” How...
- Julia Kagan
A cheque ( British English) or check ( American English ); is a document that orders a bank, building society (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a ...
A/c payee or Non-Negotiable. Such cheques are regarded as crossed cheques. The amount on such cheques is credited to the account of the payee. Self Cheque: When a person wants to withdraw money from his own account, by writing ‘self’ at the name of the payee, is called self-cheque.
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