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If you have a bank account, you must have come across the term AC payee and wondered about account payee cheque meaning. Cheques and UPI are two of the most convenient methods of transferring money. I believe cheques are more secure in comparison.
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What is AC Payee Cheque Meaning?
These are cheques that instruct the bank to deposit the payable amount in the current account of the receiver. The words ‘account payee’ or ‘ AC’ are written on the physical cheque as payment instructions. If you aren't clear on the AC payee cheque meaning, keep reading. The money goes through the bank account of the payee. The payee cannot withdraw the amount from the bank counter at a local branch. The only way to get the funds is by depositing the cheque with a cheque deposit slip. If you want to use this method, you will have to write a fresh cheque and mention the AC payee. Then, you will have to either hand over the cheque to a customer representative or drop it in the cheque drop box. Tips : Most people assume that just because they know the account payee cheque meaning and they are writing ‘AC’ on the leaf, their cheque is safe. I would recommend you write the bank account number and mobile number of the drawer at the back of the cheque leaf. This way, the amount will get credited to the correct bank account, even if the deposit slip detaches. The payment will only be processed by the drawer’s bank account when the signature on the leaf is verified. This is all from my end on account payee cheque meaning. Read more : How to write AC payee cheque What is order cheque? What is bankers cheque? What is bearer cheque?Shifting, House?
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Authors Of The Question
What is AC payee cheque ?
Bhavya
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2 Year
2022-09-11T18:09:20+00:00 2022-09-21T14:24:24+00:00Comment
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