travellers cheques do not have to be cleared, this only applies to regular cheques. travellers cheques are bought up front from a bank, so it is guaranteed cash to the person you are dealing with. If you should lose them or are stolen, the cheques are insured, so you will get your money back in a reasonable amount of time.
By usin cheques,it can be a cross cheques or open cheques
what is a cheques
Yes. Cheques can be falsified but it is illegal. Only banks can issue Cheques to their customers. No one else is authorized or rather supposed to print Cheques. If anyone is found/caught printing/using bogus or fake Cheques they can be legally prosecuted and jailed for it.
Defination for NON-MICR CHEQUES
First and foremost withdraw sufficient amount of funds available in your account through electronic media so that the signed cheques will get bounced for lack of sufficient funds. Who will have the courage to fabricate sufficient grounds for a time consuming legal action to unlawfully exploit you. Chances are the cheques will be filled with 6 digit figures by the would-be-exploiter! Instantly report loss to banker and get the numbered cheques blocked.
When you order cheques/checks and have your name/address/phone number imprinted along with your bank name and account number on them, the cheques/checks are considered to be "personalised". ASAP Cheques/ASAP Checks Bank quality cheques/checks without bank prices, ready to ship in 24 hours.
they have stopped taking cheques because of fraud of signatures.
The answer is a BIG NO. DO NOT issue cheques to anyone that does not contain a cheque value.
No. Asda stopped taking cheques on the 1st January 2007. Sainsbury stopped taking cheques on the 1st August 2007. Tesco stopped taking cheques on the 25th February 2008.
In the UK, cheques from other UK banks take up to 7 days to clear. The main problem with cheques is that they have to be physically sent to a clearing house where all the banks get together and swap their cheques. in the uk this is in london so a cheque put into your local branch in say, glasgow, will be sent by post to london, picked up by the issuing bank and returned to their main office so it can be processed.
You use cheques as a a substitute for cash when you don't have enough cash in hand. You can use cheques at banks, shops etc. Cheques are negotiable instruments that can be treated at par with cash.