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Cheques
Key words on cheques
| Question | Answer |
|---|---|
| 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
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