PERSONAL CHEQUE Meaning and
Definition
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A personal cheque, also commonly known as a personal check, refers to a written document that serves as an order or authorization from an individual, known as the drawer, to their bank or financial institution to pay a specific sum of money from their checking or current account to another individual or entity, known as the payee.
Unlike other forms of payment, a personal cheque can be used to transfer money in a convenient and secure manner without the need for physical cash. To issue a personal cheque, the drawer typically fills out the necessary details, which usually include the amount of money to be paid, the date of issuance, the payee’s name, and the drawer's signature. The cheque will then be presented to the payee, who can deposit it into their own bank account.
Once the payee receives the personal cheque, they can endorse it by signing the back and then deposit it in their bank account either in person, via a mobile banking app, or at an ATM. Following the payee's deposit, the money is transferred from the drawer's account to the payee's account. This process is facilitated by the banking system, which verifies the necessary details, checks for sufficient funds, and ensures the secure transfer of funds between accounts.
While personal cheques offer convenience and security, they have become less common in recent years due to the widespread use of electronic banking and alternative payment methods such as credit and debit cards, online transfers, and mobile payment apps.
Common Misspellings for PERSONAL CHEQUE
- oersonal cheque
- lersonal cheque
- -ersonal cheque
- 0ersonal cheque
- pwrsonal cheque
- psrsonal cheque
- pdrsonal cheque
- prrsonal cheque
- p4rsonal cheque
- p3rsonal cheque
- peesonal cheque
- pedsonal cheque
- pefsonal cheque
- petsonal cheque
- pe5sonal cheque
- pe4sonal cheque
- peraonal cheque
- perzonal cheque
- perxonal cheque
Etymology of PERSONAL CHEQUE
The term "personal cheque" is derived from the Old French word "échequier", which means "a counting table" or "a chessboard". This term eventually evolved into "cheque" in the English language, referring to a written order instructing a bank to pay a specific amount of money from the account of the person who wrote it. The word "personal" is added to indicate that the cheque is issued by an individual for personal use, as opposed to a business or organization.
Similar spelling word for PERSONAL CHEQUE
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