cheque

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cheque

a BILL OF EXCHANGE drawn on a banker, payable on demand. A cheque operates as a mandate or authority to the drawee's bank to pay the party named as drawer and debit the account of its customer, the drawer. Cheques are essentially negotiable instruments and may be negotiated by indorsement. The Bills of Exchange Act 1882, however, provides that a cheque may be crossed. In this case the cheque should be presented for payment by a bank (rather than the person named as drawee). If accompanied by the words ‘not negotiable’, this has the effect that the cheque cannot be negotiated, and the words ‘account payee’ or ‘account payee only’ mean that the cheque cannot be passed on to another.
References in periodicals archive ?
THIS is the first of two advice columns dealing with issues related to cheques and their use.
3 billion cheques written during 2009 were guaranteed, and by the end of 2010 less than three-quarters of debit cards also acted as guarantee cards.
There was a report recently that the use of cheques had again fallen.
he software allows the user to track all the cheques issued and supports different types of printers Laser, Inkjet and Dot-Matrix printers.
The cheque has been a widely-used payment method for the past 350 years, and although use is now in decline, 4 million cheques are still written every day in the UK.
This decision to withdraw cheques has been driven bythe big banks,who stand to save over pounds 1billion through the removal of the cheque, but they have failed to consider the consequences and inconvenience to those who still rely on cheques for payment.
A few weeks ago, the Payments Council indicated that plans were being drawn up to scrap cheques altogether - although many must have found them pretty useful during their 350-year history.
Sainsbury's and Morrisons said they would continue to accept cheques.
On closer inspection she realised that a number of her cheques had been razored out by a fraudster.
MEET the one-man crime wave bouncing cheques across Scotland.