What is a Cheques? Definition, Parts and Types

2 · 11 min read · 09 Aug 2022 · 3 · 3 · 3

I went to an accounting college where I studied finance, economics, law, etc., everything related to business, so cheques were very present. Therefore, if you are looking to know what is a cheques then you are in the right place. Here I will explain everything related to it.

Let's start!

What is a cheques?

If I have to define what is a cheques then I will say that the cheque is the instrument through which the owner of a bank account can dispose of the resources that he has in it or the overdraft quota that the bank has granted.

In addition, the cheque stands as a security for the beneficiary or bearer thereof, which, by containing an unconditional payment order, can make it effective before the drawee bank.

Being security, the exchange action proceeds when it is not possible to collect the cheque, an action that is directed against the drawer and not against the drawee bank.

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3 comments

dayannneee555

2 weeks ago

Cheques are essentially written orders to your bank to pay a specified amount from your account—kind of like a manual digital payment. They have key parts: the date, payee line (“Pay to the Order of”), amount (in numbers and words), your signature, and the ba... Show moreCheques are essentially written orders to your bank to pay a specified amount from your account—kind of like a manual digital payment. They have key parts: the date, payee line (“Pay to the Order of”), amount (in numbers and words), your signature, and the bank’s routing/account numbers at the bottom. Common types include personal cheques, certified cheques for guaranteed funds, and cashier’s cheques for large payments. I recently had to call https://discover-bank.pissedconsumer.com/customer-service.html to clarify a misprinted memo line—it was easy to square away. I once used a cashier’s cheque to rent a classic car for my wedding—it felt so grown-up!