Fandom

Wikianswers

Welcome! Enter your question below. Please use words like "Who, What, Where, When, Why, How, etc..." in your question. Nothing to ask? Click here for a random, un-answered question.

How do cheques work?

1,032,989questions on
Wikianswers
Add New Page
Talk0 Share

Ad blocker interference detected!


Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.

In the strictest technical sense, a cheque is an instruction from you to your bank, to pay a quantity of money out of your account to someone you have named.

Once you have issued a cheque to your creditor, he can if he wishes collect this money by submitting the cheque before a teller at an office of your bank. Your account will be debited for the amount concerned, and he will receive the money.

But most of the time, he will deposit it in his own account and let his bank make the necessary arrangements with your bank. Your account will be debited, and his account will be credited, for the amount concerned.

Also on Fandom

Random Wiki