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Cheque (Elements of Cheque (banking institution called "drawee…
Cheque
Elements of Cheque
- banking institution called "drawee bank"
- Name of the account folder called "drawer name"
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- The amount payee that written in word and value in the box must be same
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- Avoid the stolen cheque from being paid out
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- Payee is person to whom the cheque is to be made. Ensure the name of person is correctly spell.
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Parts of cheque
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- account number MICR (Magnetic Ink Character Recognition)
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- 8.Cheque valid six months after date issue
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