Knowledge Base Issues

What is a current account?
A current account is a form of deposit account that allows, among others, payment by way of cheques 1. This Knowledge Base category highlights the basic requirements relating to the operation and...
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...
How do I use a current account?
You can start using your current account once it is approved by your bank. Withdrawals from your account (subject to the available balance in the account) can be made either through cheques or ATM...
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...
Is an undated cheque valid? Can I cash an undated cheque?
Section 4(a) Bills of Exchange Act 1949 (Act 204) provides that a bill is not invalid by reason that it is not dated. Where the date has been omitted, it is generally considered that a holder...

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