In today's era, people are seen making more online payments than cash. Whether they want to buy something worth Rs 10 or goods worth thousands of rupees, people pay for it online and it is very easy too. But on the other hand, some people use checks more. Especially businessmen and other people make payments through cheques. There are also benefits of making payments through cheques, such as a record of payment being maintained and one not having to carry cash, etc. But if you make payment by cheque, then you should take special care of some things. Otherwise, you may suffer loss. So let us know what are these things which should be kept in mind while making payment through cheque. You can learn about it further...
Keep these things in mind:-
Number 1
Many people trust the other party while making payment and sign the blank check or many people keep the blank check signed in their checkbook. But you should keep in mind that never give a check to anyone without filling in the amount.
Number 2
It is generally seen that people have to give canceled checks for some work or the other. In such a situation, keep in mind that whenever you give a canceled check to someone, tear the MICR band and write CANCEL on the entire cheque.
Number 3
Many people make advance payments through cheques. For example, if you have to make a payment to someone, then you make a check for any future date and give it to the other person and then that person deposits that check in the bank on that day and takes his payment.
But during this time keep in mind that there should be money in your account on that day. If for some reason the check bounces, then check bounce charges are imposed on you and in case of non-payment, further legal action may be taken against you and you may have to go to jail. Therefore be careful.
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