Cheque (Check)
A written order instructing a bank to pay a specified amount from an account.
Detailed Description
Cheque (Check)
What is a cheque?
A cheque is a written order directing a bank to pay a specific amount from the issuer's account to the named payee.
What are the different types of cheques?
Types of cheques include personal, business, certified, cashier's, traveler's, and post-dated cheques.
What key components are found on a cheque?
Key components include the date, payee line, amounts in numbers and words, drawer's signature, bank information, cheque number, and account number.
What are the advantages of using cheques?
Advantages include convenience, record keeping, security, and payment flexibility.
What risks are associated with using cheques?
Risks include processing time delays, bouncing due to insufficient funds, physical handling inefficiencies, and fraud potential.