BANKING AFFAIRS

Detailed explanation-1: -How to cancel a cheque? A cheque can be cancelled in a simple method by crossing it with two lines and by writing the word “CANCELLED” between those two lines in capital letters.

Detailed explanation-2: -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-3: -The correct answer is Uncrossed cheque. If the cheque is not crossed, it is called an Uncrossed cheque.

Detailed explanation-4: -A cancelled cheque is any cheque which has been crossed with two lines and the word “cancelled” is written across. It’s proof that the individual maintains an account with the bank. Except for this, you do not need to sign or write anything on the cheque.

Detailed explanation-5: -General Crossing – cheque bears across its face an addition of two parallel transverse lines. Special Crossing – cheque bears across its face an addition of the banker’s name. Restrictive Crossing – It directs the collecting banker that he needs to credit the amount of cheque only to the account of the payee.