Quick Answer: What Does & Co Mean On A Cheque?

Is it mandatory to sign behind Cheque?

Its not always necessary.

Case 1: When you draw a cheque and submit over the counter to withdraw cash.

You are asked to sign on the back of the cheque.

Similarly the payee also signs twice once for the purpose of attestation and second as acknowledgement of getting the cash over the counter..

How do I fill a Cheque into account transfer?

You can transfer money from your one account to another account by cheque. You have to simply draw a stating payee as your name along with the account number wherein you want to transfer the amount along with your signature. It’s done immediately at a branch if the transfer is within your bank.

When a bank returns a Cheque unpaid it is called?

When a Bank returns a cheque unpaid, it is called: a) Dishonor of the Cheque.

How do you write a crossed Cheque?

After filling the particulars in the cheque with the signature just cross(//) on the left top corner of the cheque mentioning either “account pay” or “crossed” between the lines. ‘Crossing’ a cheque means drawing two parallel lines on the face of a cheque, after filling a cheque with the details.

What are the 4 types of endorsements?

Four principal kinds of endorsements exist: special, blank, restrictive, and qualified.

What is crossing of Cheque and its types?

General Crossing – cheque bears across its face an addition of two parallel transverse lines. Special Crossing – cheque bears across its face an addition of the banker’s name. Restrictive Crossing – It directs the collecting banker that he needs to credit the amount of cheque only to the account of the payee.

How do you cash a check with another name?

This would be done by having the payee endorse the check (sign the back) and below that write “PAY TO THE ORDER OF JOHN SMITH”, and then John Smith can endorse and then cash or deposit the check. It’s called a 3rd Party check.

What are the types of Cheques?

Based on these essentials, we explore the different types of cheques in India.Bearer Cheque.Order Cheque.Crossed Cheque.Open cheque.Post-Dated Cheque.Stale Cheque.Traveller’s Cheque.Self Cheque.More items…

What are the two types of crossing a Cheque?

Types of Cross ChequeGeneral Crossing. According to Section 123, the common crossing of cheques means including some words in connecting the two lines drawn which signifies a crossed cheque. … Special or Restricted Crossing. … Not negotiable crossing (Section 130) … Amount Payee Crossing.

What is the importance of crossing a Cheque?

Adding a crossing to a cheque increases its security in that it cannot be cashed at a bank counter but must be paid into an account in exactly the same name as that which appears on the ‘payee’ line of the cheque (i.e. the person who has received the cheque, who is legally the “payee” and “holder” of the cheque).

What does co mean on a check?

care ofOften abbreviated as c/o, “care of” means through someone or by way of someone. This phrase indicates that something is to be delivered to an addressee where they don’t normally receive correspondence. In practice, it lets the post office know the recipient is not the normal recipient at that street address.

What is the difference between crossed Cheque and account payee Cheque?

So, the money is paid to the specified person only. Bearer cheques are not safe and can be misused if lost. The person who finds it can go to the bank and collect the money. In case of crossed cheque the amount is directly credited to the bank account of the payee.