A cheque is written order given by the account holder to the bank to pay the sum of money specified therein to himself or to the person in whose favour the cheque is issued.
A cheque is a written order from a bank account holder to a bank, instructing the bank to pay a specified amount of money from the account holder's funds to the person in whose name the cheque has been issued.
The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.
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A cheque is written order given by the account holder to the bank to pay the sum of money specified therein to himself or to the person in whose favour the cheque is issued.
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Answer:
A cheque is a written order from a bank account holder to a bank, instructing the bank to pay a specified amount of money from the account holder's funds to the person in whose name the cheque has been issued.
The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.
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