Q: Are cheques a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money? ¶
Q: Are cheques declining? ¶
Q: Are cheques stored at a bank or the broker? ¶
A: Yes, for periods up to 99 years, and this is why some cheque archives have grown to 20 petabytes.
Q: Are cheques not yet available? ¶
Q: Are cheques processed electronically together with other retail payment instruments? ¶
Q: Is a cheque typically valid for six months after the date of issue, after which it is a stale-dated cheque, but this depends on where the cheque is drawn? ¶
A: Yes, in Australia this is typically fifteen months.
Q: Is a cheque cashed or returned by the payee? ¶
Q: Are cheques sued against the funds of a financial institution rather than an individual account holder? ¶
Q: Was a cheque not presented twice? ¶
Q: Is a cheque drawn? ¶
A: Yes, and the bank operating the account verifies there are currently sufficient funds in the drawer's account to honour the cheque.
Q: Were cheques never widely used and generally only used by the wealthy? ¶
A: Yes, and with cash being used for the majority of payments.
Q: Is a cheque country specific and is driven by each country's cheque clearing system? ¶
Q: Were cheques issued annually? ¶
A: Yes, these volumes peaked in or around the early 1990s.
Q: Was a cheque introduced in India by the Bank of Hindustan? ¶
A: Yes, and the first joint stock bank established in 1770.
Q: Is a cheque approved and all appropriate accounts involved have been credited? ¶
A: Yes, and the cheque is stamped with some kind of cancellation mark, such as a "paid" stamp.
Q: Are cheques ever posted? ¶
A: Yes, and can claim to have been posted, or need banking or clearance.
Q: Are cheques often used in public events such as donating money to charity or giving out prizes such as Publishers Clearing House? ¶
Q: Was a cheque formally adopted in the US in 2004 with the passing of the "Check Clearing for the 21st Century Act"? ¶
A: Yes, This allowed the creation of electronic cheques and translation of paper cheques into electronic replacements, reducing cost and processing time.
Q: Were cheques withdrawn from use in 2006? ¶
A: Yes, and mainly because of lack of popularity due to the widespread adoption of credit and debit cards.
Q: Are cheques sued by the military to soldiers? ¶
A: Yes, or by some other government entities to their employees, beneficiants, and creditors, are referred to as warrants.
Q: Were cheques paid in 2012? ¶
A: Yes, and with a value of $25.
Q: Are cheques transformed into electronic objects and the paper is destroyed? ¶
Q: Are cheques now rarely accepted at point of sale in retail stores where cash and cards are payment methods of choice? ¶
Q: Are cheques called Fuwatari Kogitte? ¶
A: Yes, If an account owner bounces two cheques in six months, the bank will suspend the account for two years.
Q: Are cheques usually used for commercial transactions only? ¶
A: Yes, and using post-dated cheques is legally possible.
Q: Are cheques referred to as checks and are governed by Article 3 of the Uniform Commercial Code? ¶
A: Yes, and under the rubric of negotiable instruments.
Q: Is a cheque mailed? ¶
A: Yes, and a separate letter or "remittance advice" may be attached to inform the recipient of the purpose of the cheque – formally, which account receivable to credit the funds to.
Q: Was a cheque brought back to the bank for settlement? ¶
Q: Were cheques used they have been declining rapidly? ¶
A: Yes, and by 2009 there was negligible consumer cheque usage in Japan, South Korea and Taiwan.
Q: Is a cheque a paper payment item that resembles a cheque except that it is neither created nor signed by the payer—instead it is created by a third party on behalf of the payer? ¶
Q: Are cheques now rarely used? ¶
A: Yes, and even for third party payments.
Q: Were cheques handled and processed? ¶
Q: Were cheques written annually in the US by 2001? ¶
A: Yes, though around 17 million adult Americans do not have bank accounts at all.
Q: Is a cheque possible? ¶
A: Yes, but usually very expensive.
Q: Is a cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of paying the issuer for that privilege? ¶
Q: Are cheques commonly 18 by 36 inches in size? ¶
A: Yes, however, according to the Guinness Book of World Records, the largest ever is 12 by 25 metres. Until recently, regardless of the size, such cheques could still be redeemed for their cash value as long as they would have the same parts as a normal cheque, although usually the oversized cheque is kept as a souvenir and a normal cheque is provided.
Q: Is a cheque a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution? ¶
Q: Are cheques usually dishonoured because the drawer's account has been frozen or limited? ¶
A: Yes, or because there are insufficient funds in the drawer's account when the cheque was redeemed.
Q: Are cheques less than that of the US and is declining rapidly at the urging of the Canadian Banking Association? ¶
Q: Was a cheque not honoured? ¶
Q: Are cheques sued each year? ¶
Q: Is a cheque written? ¶
A: Yes, and only the cheque itself is detached, and the stub is retained in the chequebook as a record of the cheque.
Q: Is a cheque converted into electronic form for transmission to the paying bank or clearing-house? ¶
Q: Is a cheque refused at the drawee bank because there are insufficient funds for the cheque to clear? ¶
A: Yes, and it is said that the cheque has been dishonoured.
Q: Is a cheque drawn? ¶
Q: Are cheques set out in Section 1 of the Cheques Act 1992 and prevent cheques being cashed by or paid into the accounts of third parties? ¶
Q: Was a cheque deposited that it could be dishonoured was six days? ¶
A: Yes, and what was known as the "certainty of fate" principle.
Q: Are cheques perceived to be as good as cash but they are still a cheque? ¶
A: Yes, and a misconception sometimes exploited by scam artists.
Q: Are cheques placed in the account holder's file? ¶
Q: Were cheques the most popular non-cash method for making payments? ¶
A: Yes, and with billions of them processed each year.
Q: Is a cheque a keep out zone reserved for MICR characters only which should not be intruded upon by handwriting? ¶
Q: Are cheques order instruments? ¶
A: Yes, and are not in general payable simply to the bearer as bearer instruments are, but must be paid to the payee.
Q: Is a cheque crossed with the words 'Account Payee' or similar then the cheque can only be paid into the bank account of the person initially named as the payee? ¶
A: Yes, and thus it cannot be endorsed to a different payee.
Q: Are cheques now almost totally abandoned? ¶
A: Yes, in Denmark, all banks stopped accepting cheques starting on January 1, 2017.
Q: Is a cheque used interchangeably from the 17th century until the 20th century? ¶
Q: Is a cheque dishonoured in Scotland? ¶
A: Yes, and what funds are present in the bank account are "attached" and frozen, until either sufficient funds are credited to the account to pay the cheque, the drawer recovers the cheque and hands it into the bank, or the drawer obtains a letter from the payee stating that they have no further interest in the cheque.
Q: Are cheques now widely predicted to become a thing of the past, or at most, a niche product used to pay private individuals or for the very large number of small service providers who are not willing to provide their bank details to customers to allow electronic payments to be made to them or do not wish to be burdened with checking their bank accounts frequently and reconciling them with amounts due? ¶
A: Yes, The UK Payments Council announced in December 2009 that cheques would be phased out by October 2018, but only if adequate alternatives were developed.
Q: Are cheques called Kogitte? ¶
A: Yes, and are governed by Kogitte Law.
Q: Are cheques still used for government payments? ¶
A: Yes, and payroll, rent, and utility bill payments, though direct deposits and online/telephone bill payments are more widely and increasingly used.
Q: Are cheques costly for banks to process in comparison to electronic payments? ¶
A: Yes, so banks in many countries now discourage the use of cheques, either by charging for cheques or by making the alternatives more attractive to customers.
Q: Is a cheque now a cancelled cheque? ¶
Q: Are cheques still popular, partly because cheques remain free of charge to personal customers? ¶
A: Yes, however, bank-to-bank transfers are increasing in popularity.