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November 17, by Basavaraj Tonagatti Comments I know whoever have bank account might have came across these two words while writing cheque or interacting with the bank.
But do you know the difference between these two and how and at what time one must opt for these two facilities of writing cheque? Before proceeding further, first let us understand the parties involved in cheque transactions.
There are mainly three parties involved in cheque transactions and are as below. Therefore, he issues cheques of his bank account. The drawee is your bank. So drawer is giving instruction to drawee to pay an amount mentioned on the checque to the person named or to the bearer of the checque.
His name will be mentioned on cheque, so he is an authorized person to receive cash. In such case drawer himself becomes payee.
What is Crossed Cheque? From above image, you notice how to change the normal cheque leaf into crossed cheque. Once you cross the cheque and mention the payee name in above example, it is my name then I can only encash this cheque by depositing to my Bank Account.
For example, in the above example payee name is mine.
Instead of cashing it to my bank account I can further endorse the cheque to anyone, for example to Mr. Satish either can encash this cheque or he can endorse to someone, for example to Mr. The payee can further endorse or cash it according to his wish.
Rohan can sue Mr. Satish and in return Mr.
What is Account Payee Cheque? Hope it will be helpful for you.Deposit Cheque into Your HSBC Account Quickly, Conveniently, and Securely Across the UAE with Hassle Free HSBC Bank Cheque Deposits Network.
I know whoever have bank account might have came across these two words while writing cheque or interacting with the bank.
But do you know the difference between these two and how and at what time one must opt for these two facilities of writing cheque?
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