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?"
Bearer cheque: When the words "or bearer" appearing on the face of the cheque are not cancelled, the cheque is called a bearer cheque. The bearer cheque is payable to the
n. (chĕk) See Check.
If I receive an uncrossed cheque in my name then I can go to the bank and encash the cheque, as in, receive the amount in cash.The bank will probably ask me a personal identification
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
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