Since the advent of the digital age, revolutionary changes have taken place in various fields. The banking sector has also not remained untouched by this. Today, people are doing online transactions on a large scale. However, even with the increase in online transactions, many people send money to each other through cheques. Often when we do transactions through cheques. During that time, signatures are made on the back of the cheque. However, you should be aware that signatures are made only on the back of bearer cheques. It is not necessary to sign the back of an order cheque. At the same time, have you ever considered the question of What is the reason behind signing the cheque? If you do not know about this topic. In such a situation, today through this news we are going to tell you about this.
There is a danger with bearer checks that if someone finds this check dropped on the way or it is stolen, then the wrong person can go to the bank and withdraw money from it.
Keeping this in mind, the bank makes the bearer sign the cheque. This ensures that the money has been disbursed by the bank. Whereas if the amount is more than Rs 50 thousand.
In this situation, the bank also demands address proof from the person who comes to collect the money. Only after this, he gives the money to the concerned person. The bank also asks the person to sign on the back of the check to be double sure of the signature on the front.
If there is any fraud by cheque. In such a situation, no responsibility falls on the bank. This is a major reason why the person is made to sign the cheque.
(PC: ISTOCK)
