If you have a bank account, then obviously you must have got many other facilities also. Like- ATM card facility to withdraw money whenever you want. Due to this, people do not have to go to the bank and stand in line like before. At the same time, with the facility of net banking, people can transfer money to anyone whenever they want. Apart from these, there is another facility which the bank provides to its customers and that is a checkbook. Actually, by giving a check to anyone, the work of giving cash is saved and without any risk, anyone can take the check and get it cashed from the bank or get that amount transferred to their bank account, etc. At the same time, if you also make payment by cheque, then you should pay special attention to some things. Otherwise, you may get hurt due to a small mistake of yours. So let's know about this...
Always keep these four things in mind:-
First thing
If you also use checks to make payments, then you should take special care of one thing. One should never sign a blank check to anyone, no matter who it is. This one mistake of yours can empty your bank account.
Another thing
When we fill out a cheque, we have to fill in the name of the payer, our signature, and the amount in both words and figures. In such a situation, keep in mind that whenever you enter money in numbers, do not leave any blank space after the amount. Understand it like this, if you have written Rs 50000, then put /- mark after 50000 i.e. 50000/- with this no one will be able to tamper with the amount.
Third thing
You may have to give canceled checks on many occasions, like for salary in the company, etc. In such a situation, one thing you have to do is to tear the MICR band. After this, draw a slant line across the entire check and write CANCEL on it.
Fourth thing
For example, when you take a loan through a broker, he asks you for some advance-dated cheques. In such a situation, keep in mind that there are many fraud people also. In such a situation, what you can do is take a check from him for the same amount as you are giving the check to the other person. This will maintain your trust and when your work is done, tear his check in front of him. Apart from this, keep in mind that never let your check bounce, otherwise, you may get into trouble.
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