Search results
Results from the WOW.Com Content Network
The rules concerning crossed cheques are set out in Section 1 of the Cheques Act 1992 and prevent cheques being cashed by or paid into the accounts of third parties. On a crossed cheque the words "account payee only" (or similar) are printed between two parallel vertical lines in the centre of the cheque.
Here is an example of how the endorsement would look on the back of the check: “John Smith, Pay to the order of Jane Smith.” After your spouse completes this step, you must sign your name ...
It is purchased at a post office and is payable to the named recipient at another post office. A fee for the service, known as poundage, is paid by the purchaser. In the United States, this is known as a postal money order. Postal orders are not legal tender, but a type of promissory note, similar to a cheque.
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
Pay to the order of line: The payee line designates who you wrote the check to and who can receive the money. Dollar amount box: This is the box with a dollar sign in it where you fill out the ...
Post-dated cheques are common and enforceable. [9] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque A "post- dated cheque" is only a bill of exchange when it is written or drawn, it becomes a "cheque" when it is payable on demand.
In the UK, the crossing is across the cheque by the person who originally wrote the cheque (the drawer), or it can legitimately be added by the person the cheque is payable to (the payee), or even by the bank that the cheque is being paid into. [3] Generally-crossed cheques can only be paid into a bank account, [4] so that the beneficiary can ...
In government finance, a warrant is a written order to pay that instructs a federal, state, or county government treasurer to pay the warrant holder on demand or after a specific date. Such warrants look like checks and clear through the banking system like checks, but are not drawn against cleared funds in a checking account (demand deposit ...