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Understanding Cheques

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by

Basam Diablos

on 5 September 2016

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Transcript of Understanding Cheques

Understanding Cheques
All cheques will have the name of your bank visible prominently somewhere at the top, and most likely a logo too. They often have an address as well, and this is normally the address of your account-holding branch.
This is the main area of the cheque; you will need to write down the name of the person or organisation you are paying, and then write down the exact amount you wish to pay them. This all needs to be done in words, not numbers.

Sometimes you may be asked to leave the top line blank, and just fill in the amount; this way the person you are paying can fill in their own details later.
A cheque needs to be signed before it is valid; the signature is normally here, under the amount. Some cheques provide a box for you to sign in, but many just leave a large empty space.
This is where you need to write the date.

In the past, people used to post-date cheques (put in a future date) and it meant that a bank would not cash the cheque till then. This is no longer the case; it doesn't matter what the date on the cheque is, it can still be cashed,
Here is where the amount of money the cheque is for should be written. This is in numbers, and should be written carefully and clearly.
You never need to write in this are; this is where the cheque contains technical details by your account needed for the bank to process the cheque itself.
This is an example of a cheque, selected especially for this exercise. Let's go through it step-by-step and see what it means.
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