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Cheques

Key words on cheques

QuestionAnswer
cheque book Contains a number of blank cheques printed with your name and account details.
Cheque It is a written instruction by the account holder, to the bank, to pay a stated sum of money to a named person or business.
Drawer the person who signed the cheque (name of the account holder)
Payee The person to receive the money stated on the cheque
Drawee Name of bank branch
Counterfoil/Stubb This is the account holders record of the amount the cheque was written for, the date it was written and to whom it was given to
Cheque Guarantee Card Card given to current account holders as proof of identity when writing chequesIt guarantees each cheque written for up to €130 so the payee knows that should anything go wrong, the bank will pay up to €130 for that cheque
Blank cheque The cheque is signed but the details are missing (no figures)
Stale cheque A cheque which is over 6 months old
Post-dated cheque A cheque which has been dated sometime in the future
Open cheque A cheque that doesn’t have the payees name on it
Crossed cheque A way of making a cheque safe by putting two parallel lines across the face of it. It can only be cashed in a bank
Bounced/dishonoured cheque A cheque that a bank refuses to accept because it is stale or post dated, it isn't completed properly or the drawer has no money to back the cheque
Endorsed/negotiated cheque A cheque which is passed onto someone else by the payee signing his/her name on the back of it
Created by: moneysense