BANKING AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -Crossed cheque. A cheque which is crossed by two parallel lines on the top left side is called crossed cheque. Such a cheque is not encashable immediately and has to be deposited into the payee’s account.

Detailed explanation-3: -A crossed cheque is the one where 2 parallel lines are drawn on the face of the cheque on the top corner of the cheque. These lines may or may not have words written between them. Such types of cheques are considered safe as the amount is not paid over the counter and credited directly to the account.

Detailed explanation-4: -A crossing may have the name of a specific banker added between the lines. A cheque with such a crossing can only be paid into an account at that bank.

Detailed explanation-5: -Account payee crossing is also known as a restrictive crossing. This kind of cheque has to comprise the words account payee or account payee only. The cheque needs to be crossed either generally or specially. The importance of this type of crossing highlights that the cheque is not negotiable anymore.