BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By presenting it across the counter of the bank branch
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By sending it through speed clearing
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By depositing it in your personal bank account
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Anyone of the above
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Detailed explanation-1: -Once a check is crossed, it’s impossible for the payee to uncross it. Furthermore, such crossed checks are considered non-transferable, meaning they cannot be signed over to a third party. The only action permitted is for the payee to deposit the check in an account that the payee holds in their own name.
Detailed explanation-2: -A crossed cheque is any cheque that is crossed with two parallel lines on the top left-hand corner of the cheque. It symbolises that the cheque can only be deposited directly into a bank account of the payee and cannot be immediately cashed by a bank or any other credit institution.
Detailed explanation-3: -General Cheque Crossing For the purpose of general crossing two transverse parallel lines at the corner of the cheque are necessary. Thus, in this case, the holder of the cheque or the payee will receive the payment only through a bank account and not over the counter.
Detailed explanation-4: -Cash it at the issuing bank (this is the bank name that is pre-printed on the check) Cash a check at a retailer that cashes checks (discount department store, grocery stores, etc.) Cash the check at a check-cashing store. Deposit at an ATM onto a pre-paid card account or checkless debit card account.