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 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: 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: 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: 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: Were cheques handled and processed? ¶
Q: Is a cheque converted into electronic form for transmission to the paying bank or clearing-house? ¶
Q: Were cheques issued annually? ¶
A: Yes, these volumes peaked in or around the early 1990s.
Q: Are cheques processed electronically together with other retail payment instruments? ¶
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 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: 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: 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 sued each year? ¶
Q: Are cheques costly for banks to process in comparison to electronic payments? ¶
A: Yes, and 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: Was a cheque not presented twice? ¶
Q: Are cheques usually dishonoured because the drawer's account has been frozen or limited? ¶
A: Yes, and or because there are insufficient funds in the drawer's account when the cheque was redeemed.
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 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 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: Are cheques sued against the funds of a financial institution rather than an individual account holder? ¶
Q: Are cheques now almost totally abandoned? ¶
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: Are cheques not yet available? ¶
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: Was a cheque brought back to the bank for settlement? ¶
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 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: Is a cheque drawn? ¶
Q: Are cheques also more costly for the issuer and receiver of a cheque? ¶
Q: Is a cheque now a cancelled cheque? ¶
Q: Are cheques sued by the military to soldiers? ¶
A: Yes, and or by some other government entities to their employees, beneficiants, and creditors, are referred to as warrants.
Q: Are cheques now rarely accepted at point of sale in retail stores where cash and cards are payment methods of choice? ¶
Q: Is a cheque used interchangeably from the 17th century until the 20th century? ¶
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 called Kogitte? ¶
A: Yes, and are governed by Kogitte Law.
Q: Are cheques placed in the account holder's file? ¶
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: 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: Are cheques often used in public events such as donating money to charity or giving out prizes such as Publishers Clearing House? ¶
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: Was a cheque introduced in India by the Bank of Hindustan? ¶
A: Yes, and the first joint stock bank established in 1770.
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, and/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: 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 still widely used for government cheques? ¶
A: Yes, and payroll, rent, and utility bill payments, though direct deposits and online/telephone bill payments are also widely and increasingly used.
Q: Are cheques used in the US and banker's drafts are used in the UK and most of the Commonwealth? ¶
Q: Are cheques usually used for commercial transactions only? ¶
A: Yes, and using post-dated cheques is legally possible.
Q: Are cheques ever posted? ¶
A: Yes, and can claim to have been posted, or need banking or clearance.
Q: Is a cheque possible? ¶
A: Yes, and but usually very expensive.
Q: Are cheques less than that of the US and is declining rapidly? ¶
Q: Are cheques declining? ¶
Q: Are cheques now rarely used? ¶
A: Yes, and even for third party payments.
Q: Is a cheque country specific and is driven by each country's cheque clearing system? ¶
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: Are cheques stored at a bank or the broker? ¶
A: Yes, and for periods up to 99 years, and this is why some cheque archives have grown to 20 petabytes.
Q: Are cheques transformed into electronic objects and the paper is destroyed? ¶
Q: Are cheques commonly 18 by 36 inches in size, however, according to the Guinness Book of World Records, the largest ever is 12 by 25 metres? ¶
A: Yes, Regardless of the size, such cheques can still be redeemed for their cash value as long as they 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: Were cheques paid in 2012? ¶
A: Yes, and with a value of $25.
Q: Was a cheque not honoured? ¶
Q: Is a cheque cashed or returned by the payee? ¶
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.