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Its a cheque that has been handed over rather than cash paid. It tells the bank to pay the person named the amount of money written on thee cheque. If the recipient doesn't hand the cheque to their bank the payer never has their money taken from their account, so has obtained goods our a service without paying for it. I cant remember who it was, but someone famous never signed Autographs so that people kept the cheques they signed and never cashed them so they got away without paying
What else can I help you with?
What type of check does a bank agree in advance to accept when the check is presented for payment?
DRAFT CHEck
What are bad checks that customers have written?
Bad checks are checks that customers have written in payment of goods or services that, when presented to the bank for payment, are returned because there is not enough money in the customers account to meet the amount stated on the check. In some countries it is a criminal offense to write a bad check.
What are on sight letters of credit?
A letter of credit that is payable once it is presented along with the necessary documents, a written commitment by a bank to make payment at sight.
How to stop a check that was allready deposit?
You can try calling your bank and ask them to stop the check immediately. If your bank has not yet processed the payment for the check, then the bank will be able to stop the transaction. However, if they have already passed on the payment to the target bank, unfortunately they cant help you because you issued the check and failed to notify the bank on time to stop the payment.
Can you stop payment on a certified check?
Call the bank where you got the check.
What type of check does a bank agree in advance to accept when the check is presented for payment?
DRAFT CHEck
What happens when you stop payment on a check?
When you stop payment on a check, the bank is instructed not to honor the check if it is presented for payment. This can prevent the recipient from cashing the check and can protect you from unauthorized withdrawals from your account.
What do you do when you lose a signed check?
Call the bank, immediately (if not sooner) and place a Stop Payment on the check number. This will require you to pay a fee to the bank for this process, but it will be cheaper in the long run just for your own peace of mind. If the check is then presented for payment, the computer systems will "flag" that check and prohibit payment to whomever is presenting it for payment.
What are bad checks that customers have written?
Bad checks are checks that customers have written in payment of goods or services that, when presented to the bank for payment, are returned because there is not enough money in the customers account to meet the amount stated on the check. In some countries it is a criminal offense to write a bad check.
How do you stop payment on a check and reissue it?
Call the bank. Have the check number, who it was issued to, and date written. They will charge a fee to do this.
Will banks refuse payment of stale check presented through clearing?
Yes. They will refuse payment. No bank will actually cash a stale dated check. Checks usually have a validity of 90 or 180 days (depending on the country) and after that date, the check is stale and worthless. No bank will accept such checks for cashing or cash it.
Can you stop payment on a check that is clearing the same day?
It Depends: Yes - If the check has just reached the bank and the banks is still processing the payment. If so, you can issue a stop payment and the bank will not pay for the check No - If the bank has already processed the check and released the payment to the payee customers bank account.
What are on sight letters of credit?
A letter of credit that is payable once it is presented along with the necessary documents, a written commitment by a bank to make payment at sight.
Can you put a stop payment on a check after it is cashed?
No. A stop payment can be issued only before the check payment is made by the bank. If you try a stop payment after the bank has paid for the check, the bank wont accept it because the stop payment instruction is useless now and cannot be executed.
What is a personal check for which a bank is guaranteed payment is called?
cashiers or bank check!
What is a written order directing the bank to deduct money from your checking account to make a payment called?
a check
What is meant by Payment by documents through bank?
Payment by documents through your bank is how you have made your payment. The document could be your check.
