Cheques/Checks types:
1)Bearer Checks - Normal checks that will paid to the person who has his/her name as the check payee
2)Account Payee Checks - checks that will be paid only into the bank account of the person to whom the check is issued to
3)Travelers' Checks - equivalent to foreign currency and can be cashed into the currency denominated in it, at any bank in the target country. For ex: If I carry USD travelers checks, I can cash it with any bank in the USA
4)Bankers Checks - Checks issued by banks that can be used as cash equivalent
The Cheques are of mainly three types; a) Ordinary b) At Par & c) Banker's Cheques a) Ordinary cheques are paid at the local branches of the Bank where it has been deposited b) At Par cheques are paid at any branches of the bank, wherever it may be deposited c) Banker's cheques are issued in lieu of Demand Drafts on the other banks only and issued in favour of Government generally Cheques can be classified into another category also: a) Ordinary and b) Crossed a) Ordinary can be paid by the bank to whomsoever mentioned on the cheque b) Crossed cheques are paid only to the particular person/company mentioned on the cheque and it is paid through bank account only. No cash will be paid directly to the customer. Crossings are of many types: a) Simple Crossing : Two parallel lines are drawn on the left corner of the cheque. It indicates that the amount to be paid through Bank account only b) Account Payee: Two parallel lines are drawn on the left corner of the cheque and the words 'Account payee only' written between the lines. It indicates the payment to the particular person only through bank account. c) & Co: Two parallel lines are drawn on the left corner of the cheque and the words '& Co' written between the lines. It is the indication for the payment to anyone of the group persons in the bank account P.V.S.Gupta, Cheepurupalli, Vizianagaram Dist (A.P.)
NSF Cheques Deposits in Transit Outstanding Cheques Bank Service Fees Various types of Cheque Errors Interest Payments
By usin cheques,it can be a cross cheques or open 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.
The answer is a BIG NO. DO NOT issue cheques to anyone that does not contain a cheque value.
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.
NSF Cheques Deposits in Transit Outstanding Cheques Bank Service Fees Various types of Cheque Errors Interest Payments
Based on the location cheques are classified as 1. Local & 2. Outstation cheques Based on its value they are classified as 1. Normal & 2. High Value cheques Cheques r mainly of four types 1)open 2)bearer 3)order 4)crossed 1) open cheques r those which r paid across the bank counter 2) bearer cheque are to be paid to the bearer of the cheque 3) order cheque is to be paid to the payee in person 4) crossed cheque to be paid to the payee's account on submission
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
Depends on what you want to do. For certain types of drawing, a ballpoint pen is not good. For sigining cheques, you need a pen.
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.
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.
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.