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Type of cheque which can be encashed only by depositing

Tags: cheque

Cheque is a order from bank customer to bank to pay the amount stated in it to the person named in payee column. Basically Cheque are of two types normal and multi-city. Multi-city cheque can be issued to make payment at any corner of the country. Though cheque are basically of two types but its way of drawing are many that gives it a unique name. The type of cheque which can be encashed only by depositing is known as account payee cheque. Such Cheque is payable only to the account of the person named in it. No payment on such a cheque can be made on the counter. Bearer cheque is payable to the bearer. Whosoever gets such a cheque can encash it on the counter of the bank. It can be transferred by mere delivery. Order Cheque is payable to the person named in it or to his order. Such a cheque can be transferred only by endorsement and delivery.



This post first appeared on Banking And Wordpress Tutorials, please read the originial post: here

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Type of cheque which can be encashed only by depositing

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