The Cheque

Question 1

What is written a check

Answer 1

The signature of the dryer. Name of dry. Name of payee. The date the check was written. The amounts in both words and figures. Renavue stamp. The check number. The bank sort code. The customers bank account to number. Counterfoil.

Question 2

What is on a check

Answer 2

Amount for large to. Ace holder name. Dates. Account number. Branch. Account holder. Paid in by

Question 3

What is cheque guarantee card (bankers card)

Answer 3

It is presented to the payee by the drawer when the dryer is purchasing goods/services. The correct use of the card insures that the bank will honour the check up to the sum of €130 even if there is no money in the drawers account

Question 4

What are the ways of obtaining money from a cheque

Answer 4

Lodge it into an account – cash it into the bank – sell it

Question 5

What is endorsing a check

Answer 5

This means signing it’s at the bank & giving it to someone else

Question 6

Define stale check

Answer 6

It is when it has not been cashed/lodged with in six months of the date written on it

Question 7

What is a post dated check

Answer 7

It is a check with a future date on it and cannot be cached until that date

Question 8

What is crossing a cheque

Answer 8

Are crossing on the check is an instruction to pay the money due on the check only into a bank account

Question 9

Name three ways of crossing a cheque in order of importance

Answer 9

General crossing – special. Crossing – restricted crossing

Question 10

Why might a bank dishonour check

Answer 10

The check is post dated – the Bank is suspicious of the signature that they were asked not to pay the money that they don’t have enough money in the account

Question 11

Name ways of withdrawing money

Answer 11

Using a check – using an ATM – laser/debit card – direct debit and standing order – over-the-counter.