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 In the latter case, money may be withdrawn in cash by a person or company writing out a cheque payable to themselves.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 In the latter case, money may be withdrawn in cash by a person or company writing out a cheque payable to themselves.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 ?
The number of rejected cheques in June declined to 94,264 against 107797 in May.
The month of May was the most active in terms of the value of circulating cheques, hitting AED 133 billion in value, against AED 132 billion in March, AED 129.
The woman confessed that she had signed the cheque but denied giving it to the claimant when she stood trial before presiding judge Adnan Al Farra.
The bank said the first phase of the initiative will see the printing of a unique QR code on every leaf of the newly issued cheque books, thereby reducing fraud by making it difficult to forge cheques.
The Cheque and Credit Clearing Company (C&CCC) -- the organisation that manages the cheque clearing system -- announced on Wednesday a new industry-wide, image-based clearing system that will speed up cheque processing "significantly" for customers across the UK.
In contrast to SWIFT transactions, the increase in the number of cheque transactions was around 26.
Also,in the same village Saad Ali was implicated in Rs 2 lakh bogus cheque case,and Sajid Ali was booked by police after giving Rs 300,000 bogus cheque to Abdur Razzaq.
Any argument that the cheque was postponed or paid in the future or that the signatory could not know if there were sufficient funds in the account is not a valid defence.
Abu Dhabi Court of First Instance heard that when the Indian went to his partner's bank he found there was not enough cash to cover the cheque payment.
Rather than taking the traditional six days to clear, a cheque paid in in this way clears in a maximum of two working days, or one if it is deposited by 4pm.
This project, started by the Reserve Bank of India, India's Central Bank, in December 2007 aims at easing the process of cheque clearing in the country.
This is in line with the cheque clearing process which is done via the Bahrain Cheque Truncation System which commenced operation in May 2012," CBB director of banking services Ahmed Buhijji said.