Cheque:A cheque is an order to pay the person named On it.
Parties to a cheque:
Payee:Person named on the cheque to whom it is payable.
Drawee:The bank on which the cheque is drawn.
Drawer:The person who signs and writes the cheque.He has current account in the drawee bank.
Open cheque:It is cashable over the counter of the drawee bank.
Bearer cheque:A cheque which is payable to the holder and need not be endorsed.
Order cheque:A cheque which is payable to the order of a specific person .It must be endorsed.
Crossed cheque:It cannot be cashed over the counter but must be paid into an account.
Dishonoured cheques:The cheques which are refused payment by bank when presented due to some faults.
Post-dated cheques:Cheques that are dated ahead
Stale cheques: Six or more months old cheques.
Traveller's cheques :This is a safe way of carrying money when travelling.They are cashable at hotels,restaurants and banks and traceable and recoverable if lost.
Parties to a cheque:
Payee:Person named on the cheque to whom it is payable.
Drawee:The bank on which the cheque is drawn.
Drawer:The person who signs and writes the cheque.He has current account in the drawee bank.
Open cheque:It is cashable over the counter of the drawee bank.
Bearer cheque:A cheque which is payable to the holder and need not be endorsed.
Order cheque:A cheque which is payable to the order of a specific person .It must be endorsed.
Crossed cheque:It cannot be cashed over the counter but must be paid into an account.
Dishonoured cheques:The cheques which are refused payment by bank when presented due to some faults.
Post-dated cheques:Cheques that are dated ahead
Stale cheques: Six or more months old cheques.
Traveller's cheques :This is a safe way of carrying money when travelling.They are cashable at hotels,restaurants and banks and traceable and recoverable if lost.
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