What are the types of cheques?

Answer 1

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

Answer 2

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.)