Along with the dynamic trends, there formed an evolution in the way money is transferred from person to person. This evolution of documentation is termed a cheque. Know the importance of cheques and the meaning of cheque for banking and monetary transactions here.
Meaning of Cheque Explained
The cheque is an instrument with an unconditional order, addressed to the banker. It is signed by the person who has deposited cash in the bank. A cheque can be issued for a current account or the savings account and can be used to deposit or pay money to other people through the bank account...
Every cheque is unique and contains a unique cheque number, MICR, and IFSC code. There are a total of five parties involved in the cheque...
Features of a Cheque
Features of a ChequeHere are the detailed characteristics of a cheque:
Cheques can be issued by individuals who hold a savings account or a current account.
Once the payee of the cheque is written, it cannot be changed.
The amount that is written on the cheque cannot be changed later on.
An oral order to pay the money is not recognized as a cheque.
The cheque is an unconditional order and not a request to the bank.
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cheque maens :
an order to a bank to pay a stated sum from the drawer's account, written on a specially printed form."they presented him with a cheque for £4,000"
Mark brainlist
What is Cheque?
Along with the dynamic trends, there formed an evolution in the way money is transferred from person to person. This evolution of documentation is termed a cheque. Know the importance of cheques and the meaning of cheque for banking and monetary transactions here.
Meaning of Cheque Explained
The cheque is an instrument with an unconditional order, addressed to the banker. It is signed by the person who has deposited cash in the bank. A cheque can be issued for a current account or the savings account and can be used to deposit or pay money to other people through the bank account...
Every cheque is unique and contains a unique cheque number, MICR, and IFSC code. There are a total of five parties involved in the cheque...
Features of a Cheque
Features of a ChequeHere are the detailed characteristics of a cheque:
Cheques can be issued by individuals who hold a savings account or a current account.
Once the payee of the cheque is written, it cannot be changed.
The amount that is written on the cheque cannot be changed later on.
An oral order to pay the money is not recognized as a cheque.
The cheque is an unconditional order and not a request to the bank.