A cheque is a bill issued by the drawer, and a bank or other financial institution entrusted to handle cheque deposit business unconditionally pays a certain amount to the payee or holder at sight. Similarly, the check system is also applicable to the relevant terms of the bill of exchange, so we only introduce the special terms of the check different from the bill of exchange.
The characteristics of checks are: first, checks are entrusted securities, but the payer of checks is special and must be a bank or non-bank financial institution with the qualification of checking deposit business. Secondly, China only has spot checks, and there is no check acceptance system.
cheque to order
(Cheques made payable to the payee) Indicate the payee's name in the payee column of the cheque, such as "A only" or "Payer", which must be signed by the payee before withdrawal.
cheque to bearer
Checks payable to the bearer, also known as blank checks, do not record the name of the payee, but only write "pay the bearer". When withdrawing money, the holder can withdraw money without signing on the back of the check. This check can only be transferred on delivery.
crossed cheque
A crossed cheque is a cheque with two parallel lines drawn on the front. Crossed checks are different from ordinary checks. The crossed cheque is not allowed to collect the fare unless it is paid by the bank, so the bank can only be entrusted to collect the fare. The purpose of using crossed checks is to recover money from clues collected by banks when checks are lost or impersonated.
certified cheque
(Guaranteed cheque) means that in order to prevent the drawer from issuing a blank cheque and ensure payment when presenting the cheque, the payee or holder of the cheque may ask the bank to "guarantee payment" for the cheque. Guaranteed payment means that the paying bank stamps the cheque with "guaranteed payment" to show that the cheque must be paid when presented. Once the check is guaranteed, the bank will bear the responsibility for payment. Both the drawer and the endorser have the right of recourse. The paying bank will transfer the money in the drawer's account to a special account for payment after guaranteeing the payment of the check, so it will not be returned when presenting the guaranteed check.
cash check
A cash check is a kind of check specially used to withdraw cash. When customers need to use cash, they will write a cash check at any time to the bank where they open the account to withdraw cash, and the bank will unconditionally pay the payee a certain amount of spot cash.
bank cheque
A bank check is a check issued and paid by a bank, and it is also a bank draft at sight. When a bank handles the remittance of a bill on behalf of a customer, it may issue a bank check.