ISFS610: Payment Processes And Technology
Cheque
Test your knowledge!
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Jones, the owner of dry cleaning services, signs the cheques that he receives from his purchasers as he receives them "For deposit only to account number 007-6161022". This is an example of the payee doing what?
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A cheque is drawn for the amount $1000 in today’s date. There's no name written on the cheque as the payee. Can this cheque be negotiated? If so, by whom and by what means?
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A stop payment instruction for cheque is issued by:
a) The drawee
b) The endorsee
c) The payee
d) The drawer
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If your bank receives a cheque in inward clearing which is not endorsed by the account holder, then which one do you think you will select to return it?
a) Cheque not endorsed by the payee
b) Cheque not signed by the drawee
c) Cheque is not signed by the endorsee
d) Cheque is not signed by the drawer