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What is the difference between a drawer payee and a drawee of a cheque?
In a cheque transaction, the drawer is the person or entity that writes and signs the cheque, instructing the bank to pay a specified amount to the payee. The payee is the individual or entity to whom the cheque is made out and who is entitled to receive the payment. The drawee, on the other hand, is the bank or financial institution where the drawer holds an account and is responsible for honoring the cheque by releasing the funds to the payee upon presentation. In summary, the drawer creates the cheque, the payee receives the payment, and the drawee facilitates the transaction by processing the cheque.
Is demand draft and bankers cheque the same?
no they r not same. a demand draft means a bank orders other banks or its branches to pay money to a person whose name have written on draft.it has a long proses.but we can use telephonic or telegraphic transfer too to made this proses easy. In the other hand ACCORDING TO ME bankers cheque r for loans which one bank borrow from other
How is a cancelled Cheque accounted for?
A Cancelled Cheque is not accounted for anywhere. The cheque once cancelled loses all monetary value. It is just a worthless piece of paper that has no value. So no one usually keeps track of what happens to it. In other words no one keeps an account of it.
How long does a cheque take to clear after being presented?
It depends on various factors. Let us take a look assuming you have got a cheque from a friend who has an account in ICICI Bank, Chennai:If you visit any ICICI Bank branch in Chennai and deposit the cheque into your ICICI account - Usually the same dayIf you visit any ICICI Bank branch outside Chennai and deposit the cheque into your ICICI account - Usually the same or next working dayIf you visit any other bank in Chennai and deposit the cheque into your account - 2 to 3 business daysIf you visit any other bank outside Chennai and deposit the cheque into your account - 3 to 5 business days
Why is micr used in banks?
MICR stands for Magnetic Ink Character Recognition. It is a system using which magnetic readers can easily identify the bank that issued the cheque and other details reg. the cheque. All banks use MICR codes in their Cheques.
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 are the reasons for dishonoring a check?
The most usual reason why a cheque is dishonoured is that the cheque was written on a bank account that does not have enough money in it to cover that payment, which is called insufficient funds. Other reasons include stop payment (the peson who wrote the cheque has changed his or her mind and withdrawn the authorization for the transfer of funds), frozen account (some authority has ordered the account frozen, so that no transactions are permitted) or account closed.
What are consumer rights regarding bounced checks?
It depends on which customer you are. a. The customer who issued the cheque i. As per laws if we issue a cheque without sufficient funds in our account, the person who received the cheque can raise a complaint on us and we can be jailed. But if you offer to pay the due amount to the other person then you may be forgiven. b. The customer who tried to encash the cheque i. As per laws if you are issued a cheque which was returned because of insufficient funds, you can raise a legal complaint (with the police) on the person who issued you that cheque. The law authorities would take steps to ensure that your money is returned or the person who cheated you is sufficiently punished.
What is the meaning of gift check?
A cheque (Br.) is a written instrument instructing your financial institution to pay a specific amount of money from your account to the payee listed on the check. A gift cheque is a donation or gift made to some person or other entity in the form of a cheque.
What is an order giving the reason a person is arrested or jailed?
In Law a warrant is an authorization issued by a magistrate or other official allowing a constable or other officer to arrest a person.
Other word for NSF check?
an NSF cheque is often called a "bounced" cheque
What is the difference between a drawer payee and a drawee of a cheque?
In a cheque transaction, the drawer is the person or entity that writes and signs the cheque, instructing the bank to pay a specified amount to the payee. The payee is the individual or entity to whom the cheque is made out and who is entitled to receive the payment. The drawee, on the other hand, is the bank or financial institution where the drawer holds an account and is responsible for honoring the cheque by releasing the funds to the payee upon presentation. In summary, the drawer creates the cheque, the payee receives the payment, and the drawee facilitates the transaction by processing the cheque.
What does it mean to deauthorize?
To deauthorize means to revoke authorization or permission for someone to access or use something. This could apply to software, accounts, or other services where authorization is needed for access. By deauthorizing, the person's access rights are removed.
Definition of transfusion?
An act of transferring donated blood, blood products, or other fluid into the circulatory system of a person or animal.
What is dishonoured cheque?
A dishonoured cheque is a check that the bank returns for the following reasons • There are insufficient funds in the account that the cheque is drawn on; or • A cheque is issued on an account, which had been closed for reasons other than being blacklisted under the Credit Bureau or closed for legal reasons. by latie lethola
Is demand draft and bankers cheque the same?
no they r not same. a demand draft means a bank orders other banks or its branches to pay money to a person whose name have written on draft.it has a long proses.but we can use telephonic or telegraphic transfer too to made this proses easy. In the other hand ACCORDING TO ME bankers cheque r for loans which one bank borrow from other
What is the meaning of managers check?
A manager's checque is a cheque you bought from the bank at the value you asked the bank for. And since you bought it from the bank, you have paid cash up front for it. The manager's cheque can be named to a person or firm you want it to be named for, and the receiving bank will ask for the persons identity before cashing or depositing it. But the main thing is, you have paid or lost your money to the bank. A personal cheque is a cheque against your account at the bank where you have a deposit. when you issue a personal checque from your chequing account, the account only gets debited when the person you named the checque to use the checque by depositing it to his account. In effect the velocity of losing money is the difference. In the manager's cheque you pay the bank uprfront, in a personal cheque only when the receiving person deposits the cheque to his account does your deposit get debited. some minor difference --- in a manger's checque you pay the bank for issuing the cheque - maybe a transaction fee of Php 100 or US$2. In a personal Cheque, you do not need to shell out any other payment but you do have to have a checquing account at the bank and a maintaining balance for the checquing account. If the manager's checque get's lost, you lose you money unless you report it to the bank and ask for a replacement, wherein some banks asks for affidavit of lose and other legal papers. A personal cheque when it get's lost you just report it to the bank and they will cancel that serial number so the checque would not be honored anymore.
