How do I clear my AC payee cheque?

Clearing of A/C Payee Cheque

1. Payee deposit the cheque in the bank.
2. Payee’s bank will process the cheque and send a request to the drawer’s bank for payment.
3. Drawer’s bank will check the signature and process the payment.
4. Now, payee’s bank will process the payment and credit it in his account.

Can account payee Cheque be endorsed?

An account payee cheque is a type of cheque which can be deposited in the account of the payee (the party to whom the final payment is supposed to be made and whose name is mentioned on the cheque). It cannot be endorsed to anyone else.

How long does an AC payee Cheque take to clear?

In fact, to be precise it takes around 3-weeks for such types of cheques to clear. So, if you are residing in another state, and have to receive funds from another state, it is advised not to take such cheques, unless they are payable at par across the cities.

Can you cash a Cheque with someone else name on it?

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.

Can a Cheque be paid into someone else’s account?

It’s perfectly legal to try, but banks aren’t required to honor your instructions. Ask before you endorse: If you insist on signing a check over to somebody else, have them check with their bank before you endorse the check.

Can you give a cheque in your name to someone else?

One of your options is to sign the check over to someone else. Because the check is currently payable to you, you’ll need to ensure that the third party and their bank can accept a signed-over check, also known as a “third-party check,” and endorse the check by signing the back of it.

Can I pay my wife’s cheque into my account?

Anyone can pay a cheque or cash into your account. However – some banks are now ‘forcing’ people to insert their cards into chip & PIN terminals at the counter – meaning that if someone else is paying money into your account- they have to have YOUR PIN !