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ELEMENTS OF CHEQUE (Returned Cheque / Rejected Cheque (insuffient funds in…
ELEMENTS OF CHEQUE (
- Returned Cheque / Rejected Cheque
,
a) The Do's when using cheque,
b) The Don't when using cheque,
- Insuffient Funds
,
- Stop Payment Instructions
,
- Closure of a Current Account
,
- Inactive Account
,
- It is important to know the element of cheque sinced a duly and complicated and signed cheque acts as as an authority to the drawee bank to withdraw from the account payment to the payee
- name of banking institution which is also called the 'drawee bank' or paying bank
- "account payee only" crossing the directive to the collecting banking institution to pay into the account of the payee
- payee is the person to whom the cheque is to be made
- date of the cheque
- the persons who holds and present the cheque at the banking institution . (adviseable to crossed out or bear)
- the payment amount written in words. (ensures that the amount in words and figures are written close to the words RINGGIT MALAYSIA and do not leave any gap by drawing a line after them.)
- drawer name is the name of the account holder
- your signature as the drawer of the cheque
- cheque ID
- serial number of the cheque
- bank code
- branch code
- your current account number
- transaction code
- amount field
- some banking institution may print the bank and the branch code at the top right corner above the date of box
)