One of the most common ways to pay money is through a cheque. Writing a cheque is really easy, but you must be careful. A mistake while writing a cheque, can prove very costly and cost you a lot of money.
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1. Write a cheque in such a way that it is difficult to alter
The most important thing when writing a cheque is, you must never leave spaces between words and numbers. A smart fraudster can add an alphabet or a number in the spaces or gaps you leave and change the whole cheque.
Let's say you want to make a payment to a person via cheque. You want to make sure that the payment goes to that person's bank account. You must put a double cross line on the left-top corner of the cheque and write "A/C Payee" or "Account Payee." This makes sure the money goes to a bank account and not to any person as cash over the bank counter.
Always write the full name of the person and avoid abbreviations.
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Always add a line after the name and amount in the cheque. No fraudster can write anything after the name and amount on the cheque and misuse it.
If you look at the cheque, you will see "Or Bearer" on the right-hand top corner of the cheque. What is the meaning of Or Bearer? Or Bearer means that either the person whose name is on the cheque or the person who bears the cheque, can encash it. If you write A/C Payee on the cheque, the money only goes to a bank account.
Cancel the word Bearer from the cheque. This keeps your cheque really safe.
See also: Types Of Cheques
This is the worst mistake you can make. A fraudster who gets this cheque can empty your bank account.
1. Make sure the cheque is signed.
2. The cheque must not be post-dated or have any dirty marks on it.
3. Handwriting must be consistent on all parts of the cheque.
4. Make sure the same pen is used throughout the cheque and the ink is not different.
5. Make sure there are no spelling mistakes in the cheque.
6. Make sure there is no tampering on the MICR. Be Wise, Get Rich.
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