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How can you use a cheque? Top tip. Only accept cheques from people you know and trust. You can use a cheque to pay someone, or get paid by someone. Paying someone. Getting paid. Back to top. Cheque-writing basics. Writing cheques is simple and safe, as long as you get the basics right. Add details such as a reference or account number to the payee line. This makes sure the money ends up in the right place Keep the cheque stub that contains the details and reference.
Make sure you have enough money in your account to cover the value of the cheque until the person has paid it in and the money has been deducted. Cheque imaging. When you write a cheque, the money usually leaves your account three working days after the person pays in your cheque. If you use the money in the meantime, you might have to pay it back. Stopping cheques and other cheque issues.
Stopping a cheque. Did you know? Finding out if a cheque will clear. Out-of-date cheque rejections. Banks usually reject cheques that are older than six months. Post-dated cheques. A post-dated cheque is one with a future pay-in date on it. For this reason, they do not bounce because of a lack of funds.
If you spend the money in the meantime, you might have to pay it back. In other words, the check is guaranteed not to bounce. To certify a check, it must be presented at the bank on which it is drawn, at which time the bank will ascertain its authenticity with the payor. This type of check is often required in large transactions , such as buying a car or house.
Another example is a payroll check, or paycheck, which an employer issues to compensate an employee for their work. In recent years physical paychecks have given way to direct deposit systems and other forms of electronic transfer. When someone writes a check for an amount larger than what is held in their checking account, the check cannot be negotiated. A bounced check usually incurs a penalty fee to the payor. In some cases the payee is also charged a fee. Federal Reserve Bank of New York.
Payments and Finance in Ancient Rome. Cheque and Credit Clearing Company. Rare Book Buyer. Federal Reserve Bank of Atlanta. Accessed Aug. Checking Accounts. Your Privacy Rights.
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Banking Checking Accounts. What Is a Check? Key Takeaways A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
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Related Terms Negotiable Definition Negotiable refers to the price of a good or security that is not firmly established or whose ownership is easily transferable from one party to another. Postdated A postdated check or draft will display a future date on it. A check user will often write this in to specify that they do not want to withdraw the amount of the check until the date specified.
How Canceled Checks Are Processed A canceled check is a check that has been paid or cleared by the bank it was drawn on and is marked "canceled" so that the check cannot be used again. What Is an Outstanding Check? Certified Check A certified check is a type of check for which the issuing bank guarantees that enough cash will be available when the recipient decides to use the check. What You Should Know About Crossed Checks A crossed check is a check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check.
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