Can a crossed Cheque be transferred?

No, the recipient of the cheque (sometimes called the “payee”) cannot remove a crossing from a cheque nor can the cheque be transferred over to a third party. It cannot be cashed over the counter by the payee; it must be paid into an account in the same name as that appearing in the payee line of the cheque.

What is special cross cheque?

Special Cheque Crossing In special crossing, the cheque bears across its face an addition of the banker’s name, with or without the words ‘not negotiable’. In this case, the paying banker will pay the amount of cheque only to the banker whose name appears in the crossing or to his collecting agent.

Can I cash someone elses cheque?

A cheque can be cashed by someone other than the person named on the front of the cheque if they counter-sign it. Check with your financial institution to find out if they accept counter-signed cheques.

Is account payee cheque and crossed cheque same?

To write an account payee cheque, you have to cross two lines on the left corner of the cheque and write “A/C payee only” between the two lines. Remember, if you simply cross the cheque and do not mention the words “account payee”, it will become a crossed cheque and not an account payee cheque.

What are the different types of cross cheque?

Types of Cross Cheque

• General Crossing. Special or Restricted Crossing (Section 124) In the case of special crossing, the cheque bears the name of the bank, either with or without the words ‘not negotiable’.
• Special Crossing. Not negotiable crossing (Section 130)
• Non- Negotiable Crossing. Amount Payee Crossing.

Who can cross the Cheque explain?

The Drawer of the Cheque can cross the cheque generally or specially. If it is an open cheque, then the holder can cross the cheque generally or specially. If the cheque is crossed generally, the holder can cross it specially.

Can a cheque with not negotiable crossing be transferred?

According to above section, the cheque marked ‘not negotiable’ to a crossed cheque does not bar it from transferred in the name of another person. However, a person who takes a cheque marked ‘not negotiable’ does not acquire better title than the person from whom he acquired the cheque.

How long does a crossed Cheque take to clear?

You’ll normally need to wait 1 working day after the day you pay the cheque in for it to clear, so if you pay a cheque in on Monday (before 3.30pm) it will usually clear by Tuesday.