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Chapter 9 Making Payments

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
Created by: fayeh



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