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Buisness
Chapter 9 Making Payments
Question | Answer |
---|---|
What is a cheque? | Is a written instruction to your bank to pay a sum of money. |
What is a drawee? | A person who writes a cheque. |
What is a payee? | The person we want to pay the money to. |
What is a drawee? | The bank we have our account in. |
Reason why a bank may stop a cheque? | 1. If the information is missing. 2. If they are suspicious of a signature. 3. If the account holder asked the bank not to cash the cheque. |
What's Endorsing a cheque? | Is when the person named on the cheque. |
What's a crossing a cheque? | Which means the cheque has to be lodged into a bank account and stay there for 3 days before it can be turned into cash. |
What is a postdated cheque? | A cheque that has a data on it that is sometimes in the future. |
What is a |