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Business(Money and banking III)

What is a deposit/savings account? An account where a person puts in money to receive a return called interest
What is a current account? Also known as a cheque book account, enables a bank customer to make payments by cheque and laser
What is a cheque? Written instruction by a current account holder,to the bank,to pay a stated sum of money to a named person
Who is the drawer? The person who signs the cheque
Who is the payee? The person who the cheque is given to
Who is the drawee? The bank the cheque is drawn on
What is a stale cheque? A cheque that is more than six months old
What is a post-dated cheque? A cheque that is dated sometime in the future
What is a cheque card? A card that gaurantees a cheque up to a cdertain amount. E.g the bank will accept it up to 100 euro
What is crossing a cheque? A way of making the cheque safer by restricting its movements
What is endorsing a cheque? Passing on a cheque to someone else by the payee signing his/her name on the back of the cheque
What is a dishonoured cheque? A cheque that the bank refuse to accept because it is out of date or because there is no money in the bank
Created by: Chimozukee