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The beneficiary bank can add an additional crossing to allow another bank, who are acting as their agent in collecting payment on cheques, to be paid the cheque on their behalf. The example is "State Bank of India". In these cases, the respective restrictions mandate to pay the cheque through State Bank of India (acting as collecting banker) only.
Bankers' bonuses are traditionally paid or awarded to some workers in the finance industry at the end of the bank's financial year. They are intended to reward employee behavior during that year that has increased the profits of the bank or some relevant part of its business, as shown by the annual accounts.
Image 4: The buyer provides the bill of lading to the carrier and takes delivery of the goods. A letter of credit ( LC ), also known as a documentary credit or bankers commercial credit , or letter of undertaking ( LoU ), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter ...
Cashier's cheques and banker's drafts, also known as bank cheques, banker's cheques or treasurer's cheques, are cheques issued against the funds of a financial institution rather than an individual account holder. Typically, the term cashier's check is used in the US and banker's draft is used in the UK and most of the Commonwealth. The ...
Mandatory Credit: Brett Davis-Imagn Images (Brett Davis-Imagn Images) Two teams aiming to secure playoff berths meet when the Atlanta Falcons visit the Washington Commanders on Sunday night in ...
A common type of bill of exchange is the cheque (check in American English), defined as a bill of exchange drawn on a banker and payable on demand. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date.
House Speaker Mike Johnson informed Republicans at a closed-door meeting Saturday that Donald Trump favored moving his agenda as one sweeping package, according to sources in attendance — a key ...
Mandatory Credit: Troy Taormina-Imagn Images (Troy Taormina-Imagn Images) Having concluded the nonconference portion of its schedule with four consecutive wins, No. 15 Houston will open Big 12 ...