I was looking for a method to securely transfer money from my account to a friend. A friend of mine recommended I opt for a cross cheque. She further shared with me the cross cheque meaning. You don't need to run to a bank to get a cross cheque. As long as you have a chequebook, you can do it on your own.
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What is cross cheque?It is a cheque that can only be deposited directly into a bank account. She also told me that these cheques cannot be immediately cashed by a bank. The amount is strictly transferred into a checking account.
What do you mean by crossing of cheque?
When you draw two parallel lines, either across the whole cheque or through the top left-hand corner of the cheque and write "account payee" , "& Co." or "not negotiable."
It is known as the crossing of cheque. Through the lines, the payer instructs the bank on how to handle the funds. The format of crossing is different for each place ie Asian Banks and European banks will have different formats of crossing.
Now that you know, what is crossing of cheque. You should know how the bank processes the request. The payer deposits the cheque at his bank. In a secure method, the payable amount is transferred to the receiver/ payee through a collecting banker.
These cheques are non-transferable, they cannot be given to any third party.
I hope the cross cheque meaning is now clear.
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Authors Of The Question
What is cross cheque ?
Karan
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2 Year
2022-09-09T11:18:31+00:00 2022-09-11T18:21:33+00:00Comment
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