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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

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What does or bearer written on a cheque mean?

'or bearer' means that the check can be cashed by whoever presents the check to the bank - bearer means carrier in this context.


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The term "bearer" typically refers to a person or entity that holds or possesses a particular document, instrument, or entitlement, such as a bearer bond or a bearer check. In finance, bearer instruments are transferable by mere delivery, meaning that whoever physically holds the document has the right to claim the associated value. The concept emphasizes ownership without the need for formal registration or identification of the holder.


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