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When does a cheque bounce?
When either of the below happens: * Not enough funds in the account to pay the cheque * Signature of the cheque issuer does not match with the signature in the cheque * Cheque is expired (Date of cheque is before 6 months from date of deposit) * There are any over-writings in the cheque without being counter signed by the cheque issuer.
What is mean by stale check?
A stale cheque is a term used to refer to a cheque that is old and expired. Such cheques are totally worthless. Cheques usually have a validity period after which they are considered expired or stale. In india the validity is 3 months and in most countries around the globe it is between 3 to 6 months. If I give you a cheque on 1st of May 2013 the cheque will be valid till 31st July 2013 and starting 1st August 2013, the cheque will be considered stale. If you try to cash that cheque, you will not get any money.
What is check number?
A unique number using which any cheque can be tracked. The cheque number on any cheque issued by a single bank will always be unique
How do you realize the crossed check with out having any account?
You cannot. 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
Can you overwrite or edit or alter the details in a check?
Preferably NO. It is advisable not to rewrite/overwrite any contents in the cheque. But if situation warrants, we must counter-sign near the altered area to confirm that it was a legitimate change done by the cheque issuer. Any unsigned modifications in the cheque would make the cheque unusable and the bank will not release any payments.
When does a cheque bounce?
When either of the below happens: * Not enough funds in the account to pay the cheque * Signature of the cheque issuer does not match with the signature in the cheque * Cheque is expired (Date of cheque is before 6 months from date of deposit) * There are any over-writings in the cheque without being counter signed by the cheque issuer.
What is mean by stale check?
A stale cheque is a term used to refer to a cheque that is old and expired. Such cheques are totally worthless. Cheques usually have a validity period after which they are considered expired or stale. In india the validity is 3 months and in most countries around the globe it is between 3 to 6 months. If I give you a cheque on 1st of May 2013 the cheque will be valid till 31st July 2013 and starting 1st August 2013, the cheque will be considered stale. If you try to cash that cheque, you will not get any money.
When bank may refuse to pay the check?
When the signature on the cheque doesn't match the customers signatureWhen there are not enough funds in the accountWhen there is any overwriting or editing in the cheque without a counter signatureWhen the cheque is expired (More than 90 days from the date of issue)
Can you cash a cheque from 1998?
No. Bank Cheques are valid only for 90 days to 180 days (Depending on the Country) from the date of issue. Since 1998 is nearly 12 years before from now (2011) there is no way any bank would honor the cheque. It is considered a Stale or Expired cheque and has no monetary value.
What are the reason for dishonouring a check?
A cheque may be dishonored for the following reasons: a. Cheque Date Expired - Usually cheques are valid only for 3 months from the date mentioned in it. So, if a cheque is dated 1st of January 2013 and you cash it in May or June of 2013, it will be dishonored because the cheque is old and invalid. b. Signature of account holder does not match with bank records c. Not enough funds in the bank account to pay the cheque d. Any overwriting or editing in the cheque e. Cheque issuer has explicitly put a stop-payment on the cheque.
Why do banks reject cheques?
A bank usually rejects cheques only for legitimate reasons. Some of the reasons are: a. Cheque Expired - Usually cheques are valid only for 3 months from the date mentioned in it. So, if a cheque is dated 1st of January 2013 and you cash it in May or June of 2013, it will be dishonored because the cheque is old and invalid. b. Signature of account holder does not match with bank records c. Not enough funds in the bank account to pay the cheque d. Any overwriting or editing in the cheque e. Cheque issuer has explicitly put a stop-payment on the cheque.
Difference between order cheque bearer cheque?
A person holding the cheque can collect the amount if it is a bearer cheque. The payee (i.e. the person in whose favour the cheque is issued) only or his authorized person only can collect the amount of the cheque if it is an order cheque
What is check number?
A unique number using which any cheque can be tracked. The cheque number on any cheque issued by a single bank will always be unique
How do you realize the crossed check with out having any account?
You cannot. 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
Do checks collect interest?
No. They do not collect any interest. The value of the cheque is fixed and does not get changed. The amount entered in the cheque is the exact amount anyone who deposits this cheque will get. Not a rupee more and not a rupee less. That is why Cheques are called non-negotiable instruments.
Can I photocopy one cheque and use the photocopies to send to any number of companies?
No. That's called Check Fraud.
Is there any homophone for check?
cheque
