Knowledge Base Issues

If a cheque is made payable to a company, e.g., ABC Sdn. Bhd or 'bearer', can the 'bearer' of the cheque encash it over the counter?
No. Generally banks will require you to deposit it into the account of ABC Sdn. Bhd. to reduce the incidence of fraud.
What is clearing day-hold?
Clearing day-hold refers to the time taken for funds from the cheques which have been cleared to be credited into the payee's account. The time taken would depend on the type of cheque deposited,...
Can a cheque be made payable to two parties i.e. A or B?
Yes. A cheque can be made payable to either A or B.
Why do banks charge customers for encashing account payee cheques?
To minimise the risk of loss from open cheques due to robbery, theft and fraud, banks have issued pre-printed account payee cheques. Notwithstanding this, some banks may allow the accountholder...
Are "account payee only" cheques transferable?
No. When a cheque is crossed not negotiable or account payee only, the cheque must be deposited into the account of the payee.

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