The three kinds of bank cheques and their usages

Cheques are like the backbone of the banking industry and it is still a highly important financial instrument in the country. Many companies look to use blank cheque as it brings down the cost of printing the cheques. It also makes sense to anyone with multiple bank accounts. Regardless of the number of bank accounts, the following are the three main kinds of cheques one uses.

Open cheque: An open cheque is the kind of check that the holder uses to get the payment at a bank or deposit the money in his own account. It is also used to let the holder issue the cheque to someone else.

Crossed cheque: A crossed cheque is almost like open cheques and in this case as well, the payment is made over counter. It is safe option because the money gets credited to the account of the person to whom the cheque gets issued. Issuing the crossed cheque is rather easy. You just need to draw two parallel lines on the upper left corner of the leaf. You can also write not negotiable or account payee on the leaf.

Bearer cheque: In the bearer cheque, the payment is for someone who is acting on the behalf of the beneficiary or payee. The beneficiary or payee is the person in whose favor the cheque has been issued. You need to include the word bearer in the leaf for issuing this kind of cheque.

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Why are cheques still the most popular forms of payment?

A cheque has been a conventional method of payment for as long as one can remember. Physically, it utilizes a paper document to make payments. Several companies and business professionals around the world can personalize and customize cheques by incorporating designs and trademarks with the help of davis & henderson cheques. A personalized cheque helps the companies stand out in the market and makes the process of writing a cheque easier. 

It has been a successful payment method as it has a lot of benefits associated with it, one of the key features being its security. Only the recipient named is eligible enough to cash the cheque at a financial institution, after they have provided the required identification. This prevents fraud and makes cheques a trusted form of transaction. 

What are the benefits of using cheques?

Security: Since a cheque mentions the name of the recipient, and only the named recipient can cash the cheque at a bank, a payment through cheques can prevent any fraud in the transaction. 

Trust: Cheques have been a method of payment for generations which has only increased people’s trust in it which makes them choose this traditional method of payment over online solution at times.

Of the billions of uses of writing written annually, most personal cheques are used for paychecks, payments for benefits like Social Security and insurance benefits. Online services like ChequesNow are known to provide their clients with davis & henderson cheques in Canada which are personal cheques that use a high-security cheque paper that further reduces frauds like micro-printing and colored cheque backgrounds. 

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