New Delhi:
Types of Cheques: Even though the trend of UPI, online banking and digital payment has increased significantly to transfer money in today’s time, the importance of bank checks still remains. Even today, when someone has to pay huge amount, people like to pay only by check. You too must have used many types of checks when needed, but do you know how many types of bank checks are there and how they are used.
Often people know about four-five checks but not all 9 types of bank checks. Let us tell you about all these today as well as will also tell you where the check is used.
1. Bearer Check (Bearer Check)
Bayer check is given to the person whose name is written on the check or whoever deposits it in the bank. This check is also called Payable to Bearer Czech. Bayer check means that whatever check this check will go to the bank, the amount written on the check will be given by the bank. Before giving the money written on the check, banks do not check whether the check belongs to the same person or not because these checks can be transferred to anyone. Therefore, the risk of these checks is that if it falls somewhere or is lost, then anyone can make them inkash.
2. Order check
This check is given only to the person whose name is written on the check. In these, the word or order written on the check is written and or Order is written. The amount written on this check can only be given to the person whose name is written on it. Therefore, before making payment in lieu of order check, banks check the person whose name is on the check. After the investigation, banks pay the amount written on the check only after being completely satisfied. That is, this check is quite secure because only the person who has a check in the name can cash it. This check is also called “Payable to Order” check.
3. Crossed Check
In crossed check, two parallel lines are drawn on the top corner of the check. The special thing about this check is that it cannot be incorporated by taking it to the bank, payment can be made only in the bank account with that check. This ensures that no matter how the crossed check is deposited in the bank, the person written in the transaction check will be done in the account of the person.
4. Open Check
Open check, also called uncrossed checks. This is a check that any person can withdraw money by showing it in the bank. That is, this check is not secure because if the check is lost, then anyone can make it incash. It can also be transferred from original recipes to other recipes.
5. Post-Dated Check
Post-dated checks are used for a further date. That is, the check on which the date is written after the date released, is called a post-dated check. After this check issue, you can submit it to the bank at any time, but on the date written on the check, the money will be transferred to your account from the account of the check issuing the check. Often people use post-dated checks to pay the society or pay home rent every month.
6. Stale Check
Style check means whose validity period has expired and which cannot be incorporated now. Initially, this period was kept six months from the date of issuance of check, but now this period has been reduced to three months. That is, the check should be deposited in the bank within three months, after that it is no longer valid.
7. Traveller’s Check
Instead of carrying more cash during traveling, people like to use this check. People use the travelers check while going on vacation and withdraw cash from the bank with their help when needed. The special thing about these checks is that these checks are never expired, that is, even if you have not used them in this trip, they can be used for future trips.
8. Self Czech
Self check is a check that the account holder issues for himself. That is, there is only one person to write a check and receive it. It writes “SELF” in a column named in it. This check is used to withdraw money from the bank for its own use. By using self -check, you can withdraw money from the same bank in which you have an account.
9. Banker’s check
Bankers issues a bank on behalf of the check, account holder. It is a type of bank draft which is also called demand draft (DD). This check is paid in the same city where this issue has been done. That is, with the help of this check, you can send money to another person in your city.