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Is cheque a suitable and safe means of payment.
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[QUOTE="Jasz, post: 216434, member: 61772"] Cheques are a form of payment that has been around for hundreds of years, and they are still used today, primarily in B2B transactions. The cheque system is very complicated and involves many players, from the entity that issues the cheque to the entity that accepts it as payment. The entity who issues the cheque is called the "maker." The entity who accepts the cheque as payment is called the "drawee"; this can be either a business or an individual. If a business accepts the cheque as payment, it becomes a "banker." When customers use their personal chequing accounts to pay bills, this is known as "chequing account debiting." When they write cheques on their personal accounts to pay bills, this is known as "cheque writing." When they write cheques on their business accounts to pay bills, this is known as "cheque drawing." In order to write a cheque, you must have funds in your account. If you have no funds and write a bill anyway, you could be charged with fraud. The secret to writing safe and legal cheques is to never write one without having enough money in your account to cover it. The world is digitized already so Cheque is not much in use like the old times, Cheques can take up to 10 days, but it's still a safe means of payment. [/QUOTE]
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