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Counterfoil
Advantages of Using Cheques
Safety
Flexibility
Convenience
A proof of payment
Types of Cheques
Bearer cheque
Order cheque
Uncrossed cheque / Open cheque
Crossed cheque:
General crossing
Account payee only
Not negotiable
Not negotiable, account payee only
An open cheque
15 June 2004
15 June 2004
3.Crossed Cheque
.
Crossing of cheque means drawing two parallel lines on the face of the
cheque with or without additional words like "& CO." or "Account Payee"
or "Not Negotiable". A crossed cheque cannot be encashed at the cash
counter of a bank but it can only be credited to the payee's account
Open cheque Crossed cheque
1. Accepting Deposits:
– Savings account
– Current account
– Time deposit account
– Foreign currency account
Services of Commercial
Banks
2. Granting Loans:
– Overdraft
– Personal loan
– Business loan
– Trade financing
Services of Commercial
Banks
3. Remittance Services:
– Bank draft / Demand draft
– Telegraphic transfer
4. Other Services:
– Automatic teller machine (ATM)
– Money exchange
– Trustee service
– Safe deposit box
– Gift cheque
– Traveller’s cheque
Standing order or banker’s orders:
These are orders to a banker to pay regularly a fixed sum
of money from one's current account in order to settle
recurring payments like mortgage repayments, hire
purchase transactions, rents, insurance premiums,
subscriptions to clubs, etc.
Direct debit:
The bank may provide direct debiting facilities for payments of varying amounts at
irregular intervals.
(a) Under this arrangement, when the supplier sends an invoice to the buyer a direct
debit form is also sent to the buyer's bank informing the latter to debit the buyer's bank
informing the latter to debit the buyer's account and to transfer the money to his
account. Such payments have to be authorized by the buyer.
(b) This saves the buyer the trouble of remembering due dates of payment and
sending off cheques.
(c) The supplier or creditor gets prompt settlement of debts.
(d) This differs from standing orders in that it is the creditor who gives payment
instructions and not the debtor. The amount and date of payment are not fixed as in
the case of standing orders.
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