What is a bearer cheque?

A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque. These cheques are transferable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to.

What does account payee means?

Meaning of account payee (only) in English The words show that the cheque must be paid only into the account of the person to whom it is written.

What is the difference between account payee cheque and crossed cheque?

This crossed cheque is no more a bearer cheque where anyone can negotiate and get payment across the counter. In case of a crossed cheque, the payee is free to make further endorsements. But, the A/C payee cheque cannot be further endorsed.

Is it necessary to write account payee on cheque?

Ideally, you should also write “account payee” or “A/C payee” between the two parallel lines. If you want the bearer or payee to encash the cheque over the counter in any branch of your bank, do not draw the lines or write the words “account payee” or “A/C payee” on the cheque.

Is bearer cheque equivalent to cash?

The bearer cheque is also known as the carrier cheque. Bearer cheques are usually used for cash transactions and are withdrawn by the individuals carrying the cheque and presenting it to the bank. This bearer cheque does not require the account holder to sign at the back part of the cheque.

Who can withdraw bearer cheque?

There is no specified withdrawal limit on bearer cheque. In case a company or a firm draws a bearer cheque to withdraw funds for the payment of salaries to employees, the bank generally accepts the bearer cheque of higher amount and disburses cash.

What is account payee cheque?

An account payee cheque is a type of cheque which can be deposited in the account of the payee (the party to whom the final payment is supposed to be made and whose name is mentioned on the cheque). It cannot be endorsed to anyone else.

What is another name for payee?

What is another word for payee?

heir	recipient
receiver	beneficiary
acceptor	collector
inheritor	heiress
devisee	heritor

Can I deposit account payee cheque in any branch?

And the banking facilities available to customers at branches other than the home branch are called non-home branches. If any cash transaction, such as deposit or withdrawal, is done at a non-home branch, a fee is levied. This fee varies across banks.

Which cheque is better bearer or order?

A cheque drawn thus: Pay Cash… or Order (the bearer is cancelled) is not a cheque at all. Hence, it must not be encashed or paid….Recommended reading:

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