BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -You need to draw two parallel crossed lines at the top left side of the instrument. You will then need to write ‘A/C Payee Only’. You can also write “Account payee” on the cheque leaf. If you don’t write “Account payee”, then it will be processed as a crossed cheque instead.
Detailed explanation-2: -On the line that says “Pay to the order of, ” write the name of the individual or company you’d like to pay, known as the payee. Use the payee’s full name instead of a nickname.
Detailed explanation-3: -A payee is the term used to describe the person or business that you are paying money to.
Detailed explanation-4: -Endorse: To sign your name on the back of a check in order to cash it or deposit it. Financial Institution: A business that deals with money. For example, a bank or credit union.