What is an open cheque?


An open cheque is one which can be paid at the counter of a bank as soon as it is issued to the drawee bank. The only requirement by the bank is a proof of identity from the person who is cashing the cheque in order to ascertain that they are paying the correct person to whom the cheque was given.
Q&A Related to "What is an open cheque?"
Open cheque - An open cheque is one that can be taken to the bank that issued the cheque and converted to cash right away. The bank will ask proof of identity from the person cashing
These checks, called "on-us" checks, are deposited at and drawn on the same financial institution. These made up 20 percent of the checks paid in 2006, according to the
There are mainly two types of cheques, Accounts Payee or Bearer. On the accounts payee cheque the exact name of the account holder should be mentioned with cross mark on left top
Three-quarters of the Earth's surface is water, including oceans, coral reefs and estuaries. The open ocean zone includes those ocean waters furthest from land. The open ocean represents
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