Only the name written on it can get the amount transferred to his account. If you want the cheque to be cleared right away, write the current date. Same applies when you write the amount in words. This is called self-cheque.
You will be surprised to know, how many actually forget to write the date, at times the correct date. And never, never sign blank cheques in the cheque book.
Account Payee Cheque is written to minimise the chances of fraud.
Without a date your cheque will justnot be cleared, period. Post dated cheque It is a type of a crossed or accounts payee cheque but it is post-dated to meet the obligation at a future date. A banker collecting an account payee cheque from a person other than the payee is liable.
All banks cheque look like this; just the format changes. Therefore, he issues cheques of his bank account. Payee — The person to whom the final payment is made is called the Payee. For example, if the cheque is in my favor I am the payeethe amount mentioned in the cheque can be deposited to only my account.
Having the word bearer means, anyone who presents bears the cheque, the amount will be payable to him. 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.
Sanjay does not want to put the money in his account and directly wants to give it to Vijay. These are a few things to keep in mind while write a cheque. But still, it is important to keep in mind the basics while writing down a cheque. XYZ behind the cheque with my signature to endorse the cheque.
Today we are going to discuss the key points to keep in mind while writing a cheque. Same applies when you write the amount in words. If Ajay had written the name of Sanjay in the Crossed Cheque that he had drawn in favour of Sanjay, he could not have endorsed the cheque to Vijay.And finally, when you give a cheque to someone, write down the cheque number, account name, amount and the date when it was issued or dated, because you might need this information incase you want to cancel the cheque.
A bearer cheque becomes an account payee cheque by writing “Account Payee” or crossing it twice with two parallel lines on the left-hand side top corner. The amount will be transferred to the account of the person specified on the cheque. Cross the cheque: You need to make two parallel lines in the top left corner of the cheque and write “Account Payee”, if you want the amount to be withdrawn by a specific person or an organization, who is having an account in the bank.
1- i want to ask that without writing “payee a/c” in corner of cheque means bearer cheque.
payee can use that check for his account from anothrr bank? 2-i gave the bearer check to palmolive2day.com he is not having account in any bank issuing bank s branch is not their in his city he can take cash from another bank or not?if yes then how.
For example, if a cheque is made in the name of a person and a crossing “State Bank of India” is made on the face of the cheque, the cheque would be payable only to the account of the payee with State Bank of India and no other bank.
In the space meant for payees name you can write both the name and account number of the payee.
For eg. Pay to Mr. Ramkkumar ICICI Bank account a sum of Rupees One Hundred only.Download