What do you write in the corner of a cheque?

If you are going to pay to some person and want to force that the payment should go to the same person bank account, in that case, you should be putting a double cross line on the left-top corner of cheque and write “A/C Payee” or “Account Payee“, which ensures that the money will get credited only to a bank account …

How do you strike out a cheque?

In order to cancel a cheque, you only need to strike two lines across the cheque. Apart from this, you need to write the word ‘Cancelled’ across it. A cancelled cheque is theone which cannot be used to withdraw money as the word ‘cancelled’ explicitly means that it has been cancelled.

Why do we write a C payee on the upper left hand corner of the cheque?

The words show that the cheque must be paid only into the account of the person to whom it is written: Crossing a cheque with a/c payee means that the cheque cannot be used by someone else.

What is the meaning of two lines on cheque?

A crossed check is any check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check. This double-line notation signifies that the check may only be deposited directly into a bank account.

What is the meaning of AC payee only?

Not for a cheque crossed ‘A/C Payee Only’ or ‘A/C Payee’. The legislation means that a cheque which bears the ‘A/C Payee Only’ crossing can only be paid into an account in the name of the person who has received the cheque (i.e. the payee) exactly as it appears on the cheque.

What is the meaning of not negotiable on a cheque?

You may write the words ‘not negotiable’ between the two parallel lines on your cheque. This means that if the cheque is transferred to another person, the person who obtains the cheque has no greater rights to it than the person who gave it.

What does two parallel lines mean?

Parallel Lines: Definition: We say that two lines (on the same plane) are parallel to each other if they never intersect each other, ragardless of how far they are extended on either side. A transversal of two (or more) lines is another line that intersects the two lines.

Which is the safest type of cheque?

Cashier’s checks are generally regarded as the safer bet since the funds are drawn against the bank’s account, not an individual person’s or business’s account.