payee
The payee .
There are not 29 reasons why a cheque cannot be paid over the counter. But the reasons are:You are not the payee for the cheque (The cheque is addressed to pay someone else)You do not have a valid Photo Identity proof to prove that you are the person to whom the cheque was issuedThe signature in the cheque does not match the signature in the bank records for the same customer who issued the chequeThe cheque is expired (more than 180 days old)The account of the person who issued the cheque does not have enough money in itThere is overwriting/editing in the cheque without a valid counter-signatureThe amount in numbers and in words do not match
depends. If you are recieving the money or someone else is. Payee is the person to which the cheque is being recieved, they are the once getting paid, hence the payee. The person paying is the payer. Endorsement of payee requires only the signature of whom is getting paid
There are two ways. # If it is a normal cheque that has not been crossed (not an A/C payee cheque) you can take the cheque to the cheque issuing branch, provide an identity proof and ask for cash # If it is a crossed cheque (A/C payee cheque) you can take it your bank branch and deposit it into your account. Irrespective of whether the cheque is crossed or not, you can use option no. 2. But only if the cheque is plain you can use option no. 1
The DRAWER is the individual who issues the cheque, instructing the bank (DRAWEE) to pay the recipient (PAYEE). Drawer and payee can be the same person if it is a self cheque.
A bank may refuse to accept an account payee cheque if: a. The person trying to cash the cheque doe not have an account with the bank b. If the name on the cheque does not match the person trying to cash it c. If the cheque is expired (More than 90 days in the past) d. If the signature on the cheque does not match the signature of the person who issued the cheque
A bank may refuse to accept an account payee cheque if: a. The person trying to cash the cheque doe not have an account with the bank b. If the name on the cheque does not match the person trying to cash it c. If the cheque is expired (More than 90 days in the past) d. If the signature on the cheque does not match the signature of the person who issued the cheque
A Crossed Cheque is also called an Account Payee Only Cheque which means that, this cheque cannot be cashed directly. It can only be deposited into the bank account of the person to whom this cheque is issued. So, the only way you can cash the cheque is by opening a bank account (or using your existing bank account) and deposit this cheque.
Open cheque - An open cheque is one that can be taken to the bank that issued the cheque and converted to cash right away. The bank will ask proof of identity from the person cashing it to ensure that they are paying the correct person to whom the cheque was issued to Crossed cheque - A crossed cheque is also called an account payee cheque. This is a cheque that can be cashed only by depositing it into a bank account of the person who received it. It cannot be directly converted to cash.
payee
drawer- the person who writes and sings the cheque . drawee- the bank on which the cheque is drawn . payee- the person named on the cheque .
The person receiving the cheque, is the 'payee' - the person sending the cheque is the 'payer'.
payee is the person whom the cheque, draft or money order is made out to.
The payee changing the amount on a cheque after it is issued is Illegal. Any overwriting should be done by the issuer and also counter signed by him. Else, the cheque would not be cleared.
The payee .
The main things that must be recorded in your cheque register are: 1. Date of cheque issue 2. Payee to whom the cheque is issued 3. Cheque Amount