cheques definition
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Definitions &Translations A cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution. Both the drawer and payee may be natural persons or legal entities.
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Difference Between Cheque and Demand Draft Demand Draft. Meaning. Cheque is a negotiable instrument which contains an order to the bank, signed by the drawer, to pay a certain sum of money to a specified person. Demand Draft is a negotiable instrument used for the transfer of money from one place to another. Payment.
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- (December 2009) A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.
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Cheques Until the1980s cheques were the main non-cash payment method. However, cheque use has dropped by 70% in Australia over the past ten years and is continuing to drop at a rapid annual rate.The main reason for this is that payment cards and other convenient electronic payment systems have taken over.owever, because cheques need to be handled manually, they are expensive, and take longer, to process than cards and other electronic payments. Typically, a cheque will take three business days to clear. A diagram of how most cheques are processed is included in the FAQ section below.
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What is 'Currency' Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy.
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What is 'Currency' What is 'Currency'. Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade. Next Up. Generally speaking, each country has its own currency.
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Cheque For additional protection, a cheque can be crossed, which restricts the use of the cheque so that the funds must be paid into a bank account. The format and wording varies from country to country, but generally two parallel lines may be placed either vertically across the cheque or in the top left hand corner.
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The Mortgage Group Â® Definition of clearing and settlement (C&S) 1. A process within the banking system that allows banks to collect or pay out for items drawn on or paid into accounts within their institution. This process enables banks to accept cheques and bank drafts from other financial institutions for deposit.
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What is 'Currency' Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade. BREAKING DOWN 'Currency' Generally speaking, each country has its own currency. For example, Switzerland's official currency is the Swiss franc, and Japan's official currency is the yen.
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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
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- Relevance. Rating Newest Oldest. Best Answer: Cross cheque means that it can only be paid into a bank account and cannot be paid in cash over the counter. A bearer cheque is made payable to the bearer i.e. it is payable to the person who presents it to the bank for encashment.Source(s):elevance. Rating Newest Oldest. Best Answer: Cross cheque means that it can only be paid into a bank account and cannot be paid in cash over the counter. A bearer cheque is made payable to the bearer i.e. it is payable to the person who presents it to the bank for encashment.
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- All cheques must be processed – or cleared and settled – through the payments system. Here’s how that works. When you deposit a cheque into your account, your bank will send the cheque to the bank of the person who wrote the cheque.
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cheque Noun. 1. bad check-a check that is dishonored on presentation because of insufficient funds; issuing a bad check is a form of larceny. bad cheque. bank check, check, cheque-a written order directing a bank to pay money; he paid all his bills by check.
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Various Types of Credit Instruments â Explained! A cheque is the most common instrument of credit and almost works like money. It is a written order on a printed form by a depositor (drawer) to his bank to pay a sum of” money to himself or to somebody else, whose name is entered on it, or to the bearer, i.e., the man who holds it (i.e., drawee).
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Crossing of cheques a crossed cheque the oblique or vertical lines in the centre form the crossing a crossed cheque is a cheque that has been marked to specify an instruction about the way it is to be redeemed
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- Noun [edit]. bisque ‎(countable and uncountable, plural bisques). 1  A thick creamy soup made from fish, shellfish, meat or vegetables. ( 2 sports) An extra turn, free point or some other advantage allowed. 3  1937, P. G. Wodehouse, 'Lord Emsworth and Others' , Overlook, Woodstock: 2002, p 137-8.
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Difference Between Cheque and Promissory Note Cheque vs Promissory Note. Carrying cash to make and receive payments for goods and services is not only impractical but also risky. Though it is easier to make payments through cash and credit cards in daily life, negotiable instruments are preferred by people in place of cash in business.
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Payment A payment is the transfer of an item of value from one party (such as a person or company) to another in exchange for the provision of goods, services or both, or to fulfill a legal obligation. In law, the payer is the party making a payment while the payee is the party receiving the payment.
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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’).
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pique pique (countable and uncountable, plural piques) 1  A feeling of enmity between two entities; ill-feeling, animosity; a transient feeling of wounded pride. 2  A feeling of irritation or resentment, awakened by a social slight or injury; offence, especially taken in an emotional sense with little thought or consideration.
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Cheque A cheque from 1933. A cheque sample from Canada 2006. A cheque (British English) or check (American English; see spelling differences) is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
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Cheque 1 A counter check is a bank cheque given to customers who have run out of cheques or whose cheques are not yet available. 2  It is often left blank — hence sometimes called a blank check, though this term has other uses — and is used for purposes of withdrawal.
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Cheque Technically, a cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution. Both the drawer and payee may be natural persons or legal entities.n English cheque from 1956 having a bank clerk's red mark verifying the signature, a two-pence stamp duty, and holes punched by hand to cancel it. This is a crossed cheque disallowing transfer of payment to another account.