7 Tips For Writing A Personal Cheque

The negotiable financial instrument called as cheque is issued by a bank to an account holder. The account holder can use the cheque for paying anybody a given amount of money on a specific date. Personal cheques in St. John's may also be written to businesses, apart from individuals, and is a very reliable and safe way of transferring money. If you are new to it, here are some tips to write a personal cheque in an error-free and reliable way. 

1.The cheque should be written clearly and legibly through hand or through the print so that the details do not get changed on altered.
 
2.Ensure that all the sections of the cheque have been written (Including the date and name of recipient) carefully, which will avoid delay in the processing of the cheque or its rejection.

3. It is very important that the cheque signature line has been signed by the account holder. A personal cheque becomes legal and qualified for a transaction/payment only when the account holder signs on it. The sign you make should be the same as the sign specimen your bank has for your particular account.

4.Start writing the monetary amount at the very start of the amount line, so that nobody could add anything to it. 

5.The amount that you write in words and figures should exactly match each other.

6.Do not sign a “blank” cheque as it will help in protecting your account and the money it contains.

7.The checkbook will also have the cheque register (memo). You should record all the cheque details in this register for better accounting and tracking. 

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Cashing A Cheque Of United States Dollars In Canada

Cheques may carry an amount in United States Dollars and you may want to cash it in Canada. This is quite possible and easy, and the agencies that can provide for the encashment include banks and the money cashing firms and stores like Money Mart. Apart from cashing cheques in Fredericton carrying US Dollar amount, you can also deposit it in any bank account in Canada. But in this instance, the exchange rates, fees and the hold periods would be different when compared to those relating to the cheque transactions in the Canadian dollar.

Bank Encashment

Canadian Bank may accept the US dollar cheque via an Automated Teller Machine (ATM) or through the in-person deposit. Your business organization or institution may also ask you to talk to a particular representative of a bank or a financial institution before actually encashing the cheque.  If there is a teller, he/she will be able to tell you about all the exchange rates and processing fee levied on the transaction.

Bank Hold Period

The bank will hold the cheque for a while, and the duration will depend on the main drawing bank (can be a Canadian, U.S. or some other foreign bank). If the bank is in Canada, the duration may be up to 10 days while the same can be even more if the bak is located outside Canada.

Exchange Rate 

Exchange rates may differ in lieu of the bank you chose to draw the cheque, and the rate of the day is levied on the transaction. There may also be adjustments later on, which can make a difference to the final amount.

Processing fee amount

While some banks and cashing companies including Money Mart may charge a fee, some banks like the TD bank do not charge anything for the US dollar cheques.

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