cheque

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Check

A document in which the writer orders his/her bank to pay to the receiver of the check a stated amount of money. For example, Joe may write Andrew a check for $10. In doing so, Joe is signing a document stating that he wishes to give Andrew $10, that it is available in Joe's bank, and Andrew can receive it from there. Andrew can either go to Joe's bank, present the check, and collect $10, or he may go to his own bank to deposit the check into his own account. In that case, Andrew's bank contacts Joe's bank and collects the $10 that way. Checks can be for any amount. See also: Check hold.

cheque

a means of transferring or withdrawing money from a BANK or BUILDING SOCIETY current account. In the former case, the drawer of a cheque creates a written instruction to his bank or building society to transfer funds to some other person's or company's bank or building society account (the ‘payee’). In the latter case, money may be withdrawn in cash by a person or company writing out a cheque payable to themselves. See COMMERCIAL BANK.

cheque

a means of transferring or withdrawing money from a BANK or BUILDING SOCIETY current account. In the former case, the drawer of a cheque creates a written instruction to his or her bank or building society to transfer funds to some other person's or company's bank or building society account (the ‘payee’). In the latter case, money may be withdrawn in cash by a person or company writing out a cheque payable to themselves. Cheques may be ‘open’, in which case they may be used to draw cash, or ‘crossed’ with two parallel lines, in which case they cannot be presented for cash but must be paid into the account of the payee. See COMMERCIAL BANK.
References in periodicals archive ?
Cheques are commonly used to secure repayment of debt in the UAE and in the region, for instance when individuals avail of real estate loans or personal loans in relation to funding of cars or home rental as well as to secure trading or investment transactions.
The new cheques look identical to traditional ones, save for the grey background on each one which is actually billions of tiny dots laid out in a specific pattern.
We have no obligation to accept sterling cheques if we are not able to verify whether they are correct.
This process, called truncation, is the fastest and most secure mode for clearing cheques.
Dr Ros Altmann, director-general of Saga, is furious: "Obviously the banks are withholding their guarantee as a prelude to weaning people off cheques.
KARACHI, July 03, 2011 (Frontier Star): The State Bank of Pakistan (SBP) has advised all banks to assess the adequacy and implementation of their internal control procedures pertaining to encashment of cheques in order to prevent financial loss and mitigate the associated reputational risk to the institution which can potentially arise from fraudulent cheques encashment practices such as "Cheque Washing.
Banks have been accused of ignoring the needs of millions of vulnerable people by pressing ahead with plans to phase out cheques.
MIDLAND businesses have been urged to prepare for a world without cheques amid warnings that they will go "the way of farthings and ten bob notes".
Global Banking News-March 9, 2011--Counterfeit cheques increasing in the US(C)2011 ENPublishing - http://www.
com)-- Italian ICT consultants network, Trasferimento Tecnologico, has released a new software solution for and improved cheques data management.
The closure of the system does not mean that people will no longer be able to use cheques, but that those cheques will no longer be guaranteed.
Although intended to help, I suspect that most of us chequebook users are quite aware of most of his suggestions but find that they provide no viable alternative to the occasional use of cheques, especially the many of us who have no computers.