Cheque Rules..! Do not make these mistakes while filling..!?

Users should keep certain things in mind while transacting through cheques. Otherwise, you may incur huge losses. The bank advises to be careful while making payments by cheques, as frauds are rampant these days. If we are a little careful then no fraud will happen. Know what to keep in mind when presenting or signing a cheque. Now most people in india have started using wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment systems. But today many people still use checks for larger transactions. Many times, while signing the cheque, we neglect some important things and then we end up incurring huge losses. Certain precautions should be taken while signing a cheque or transacting through a cheque so that fraud or check bounce does not occur. Because if a check bounces, the image of the account holder will be tarnished and cancellation of the cheque will come under the crime section.


Mistakes made while signing:

Remember that whenever you sign a bank cheque, the signature should be the same as when you opened the account. If the signature doesn't match the cheque will bounce.
Check your bank balance:

Be sure to check your bank account balance before issuing a cheque. cheques that exceed the due amount are bounced and penalized. Hence, it is very important to have sufficient balance in your account while issuing the cheque.

Do not put spaces between words:

Whenever you pay a cheque, remember to write the name and amount and do not leave too much space between the cheques. This increases the chance of name and amount of confusion. Apart from this, remember that the amount entered in words is the same as in numerical details. If the amount does not match, the cheque may also be rejected.
Write the correct date:

Whenever you issue a cheque, you must write the date correctly. You should never get confused about the date. If you enter the wrong date, your cheque may bounce. Thus, your financial transactions will go bad. Getting the financial transaction right is important.

Double lines in the corners of the cheque:

Cross cheque when needed to keep bank cheques safe. This will prevent misuse of the cheque. These taxes mean that the account amount should be received only by the account payee i.e. the person in whose name the check is cut.

Use a permanent ink pen:

Use only a pen with permanent ink to fill in details like a signature, name, amount, etc. on the cheque. In such a situation, no changes can be made in the cheque and you are saved from fraud.
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Sowmiya Sriram

21/01/2024 08:55 AM