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What is unpresented cheque?
this is a cheque that was signed or issued but not brought in for cashing or presented to the bank.
What is open 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.
Can you receive a cheque if you don't have a bank account?
Yes, anyone can receive a check. If you do not have a bank account, your options for negotiating that check will be limited compared to someone who does have a bank account. You would have to go to the drawee bank to cash the check (often for a fee) or use a check cashing service (again, typically for a fee).
Why must you sign the back of a cheque?
Signing the back of a cheque is essential because it serves as your endorsement, indicating that you authorize the transfer of funds. This signature allows the bank to verify your identity and prevents unauthorized individuals from cashing or depositing the cheque. Additionally, it provides a legal record of your approval, ensuring that the transaction is valid and secure.
Does a cheque from ATO with endorsement of payee on it need to be banked by that person or can someone else do it for them?
A cheque issued by the ATO (Australian Taxation Office) typically needs to be deposited by the payee, as it is endorsed with their signature. However, in some cases, the payee can authorize someone else to bank the cheque on their behalf by providing a signed authorization along with the cheque. It's advisable to check with the bank for their specific policies regarding third-party cheque deposits.
What is unpresented cheque?
this is a cheque that was signed or issued but not brought in for cashing or presented to the bank.
What is the definition of a cash cheque?
An open cheque or a cash 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
What is multicity cheques?
Usually Cheques issued by banks have a city associated with them. For ex: if I give you a cheque from my bank account in Chennai, India, and you want to deposit it in your account in Delhi, India, it is an outstation cheque and your bank will charge you a fee for cashing that cheque. Usually around Rs. 50/- If my bank has given me a multicity cheque - it means that when you deposit it in Delhi, your bank will not charge you this cheque cashing fee because my check is the same irrespective of which city in India it is cashed.
Can you scratch someone elses name off a check and put ours?
No, that would be a crime, do not do it. If the cheque is not made out to you the money is not intended for you and if you have received the cheque by mistake or found it, you should take it to the police or to the bank and hand it in.
What is bearer check?
An open cheque or a bearer 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
What is open 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.
Why should cheques be marked 'not negotiable?
A cheque being merely non-negotiable would not stop you cashing it. It only means the cheque cannot be presented by anyone other than the payee. However, it's also likely to be "crossed" and marked "A/c Payee" or "A/c Payee Only". Most cheque books are now printed this way. A crossed cheque can only be paid into a bank account and cannot be cashed over the counter. If the cheque is crossed AND marked non-negotiable it cannot be cashed would have to be paid into an bank account in your name. It would be worthless to anyone else so prevents someone else cashing the cheque for you - i.e. giving you the cash and putting in their own bank account .
Can you receive a cheque if you don't have a bank account?
Yes, anyone can receive a check. If you do not have a bank account, your options for negotiating that check will be limited compared to someone who does have a bank account. You would have to go to the drawee bank to cash the check (often for a fee) or use a check cashing service (again, typically for a fee).
Two reason why a check may become stale?
The only reason why a cheque may become stale is: The cheque was issued to you in the past and you have not yet deposited it for cashing it. Any cheque that is older than 180 days is considered stale. If you deposit a stale cheque - the bank will not release the funds
Can they seize a bank acoount with someone else name on it on a judgment?
no, not if its also in someone elses name
Is it legal that a bank can charge to cash a check?
Yes, it is legal for a bank to charge a fee to cash a check. Banks often charge fees for various services, including check cashing, to cover administrative costs and generate revenue. It is important to check with your specific bank to understand their policies and any associated fees.
Can someone help me by cashing a check for me?
Yes, someone can help you cash a check by depositing it into their bank account and giving you the cash.
