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A crossing may have the name of a specific banker added between the lines. A cheque with such a crossing can only be paid into an account at that bank. 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.
Naming a beneficiary ensures that your assets go to the people who you want to have them. If you don’t name a beneficiary, a court may end up directing assets to where it sees fit. You avoid ...
A cheque (or check in American English; see spelling differences) is a document that orders a bank, building society (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
The customer fills up an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary.
Check with your state law on the criteria and process. If there is a will, an executor of the state should be named. In the event that there is no will, a family member will typically become the ...
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...
The beneficiary is the person or company who will be paid under the letter of credit; this will normally be the seller (UCP600 Article 2 defines the beneficiary as "the party in whose favour a credit is issued"). The issuing bank is the bank that issues the credit, usually following a request from an applicant.
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