A cheque is a payment order or instrument that is signed and dated where one party directs the bank to deposit the stated sum to the other party either through a bank transfer or in cash. The amount on the cheque cannot exceed the money in the payer’s bank account. If this happens, the cheque bounces or is not honoured by the bank. Cheques may be linked to current and savings accounts and are accepted within 3 months from the date they are issued.

Most searched / Popular terms