Knowledge Base Issues

What is the difference between order cheque and bearer cheque? What is a bearer cheque? What is an order cheque?
A cheque is generally known as an Open cheque when it is not crossed whether it is made payable to bearer or order. Cheque in its printed form comes in the following manner: Pay ..... Or Bearer...
How long is a cheque valid in Malaysia? Do cheques have an expiry date? What is stale cheque?
It is a common banking practice in Malaysia that if a cheque is not presented for payment within six (6) months from the date of issue, it is considered a stale cheque. A stale cheque should not...
What is the cheque clearing process in Malaysia? How does the cheque clearing process work? How long does it take for a cheque to clear?
Cheque Clearing Process When you deposit a cheque into your account, your bank which is the collecting bank will send it to specific clearing centres to be sorted and dispatched to the drawee bank...
What is a fictitious payee? What is a non-existing payee? What is the difference between a fictitious payee and a non-existing payee?
A cheque may be drawn payable to a named payee whom does not in fact exist. Section 7(3) Bills of Exchange states that: where the payee is a fictitious or non-existing person the bill may be...
What are the parts or elements of a cheque?
It is important for you to know the elements of a cheque to ensure that the cheque is properly written since a duly completed and signed cheque acts as an authority to the drawee bank to withdraw...

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