BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payment to the person named in the cheque
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Payment to the person or his authorized representative
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Payment to the named person only through bank clearing house
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Payment to the payee named through clearing against the confirmation of collecting bank
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Detailed explanation-1: -An account payee cheque is a type of crossed cheque increases the security on the cheque. For this type of crossed cheque, you must write “A/c payee only” in between the crossed lines. The payee cannot endorse the cheque.
Detailed explanation-2: -Adding a crossing to a cheque increases its security in that it cannot be cashed at a bank counter but must be paid into an account in exactly the same name as the payee or endorsee indicated on the check.
Detailed explanation-3: -General Cheque Crossing For the aim of general crossing 2 crosswise parallel lines at the corner of the cheque are necessary. Thus, during this case, the holder of the cheque or the receiver can receive the payment solely through a checking account and not over the counter.
Detailed explanation-4: -If the paying banker pays for a cross-cheque that does not comply with the wishes of the drawer that is transmitted through the cheque, Then the banker in question shall be held liable for any loss suffered by him as a result of such payment to the true owner of the crossed cheque.