Oftentimes you have seen that you received the payment for a certain work via cheque. Now, what is this cheque in particular? The cheque is a kind of document, which commands the bank to transfer the money from the account of one individual to another whose name is there on the issued cheque. The cheque is a literally secure and safe form of payment. Therefore receiving and paying through cheque prevents any kind of money laundering or swindling issues. In that regard, today we will give you some relevant insights on the importance of cheques, account numbers on the cheque, and how to identify account numbers on the cheque.
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Benefits of using making payment through cheques:
- The best thing is that it is hassle-free and you can easily credit the cash to another account by means of a slip.
- For security purposes, the bank can withhold the payment then and there.
- Cheques are less prone to making mistakes especially when it comes to counting. It is because here you only need to write the amount you are crediting.
- Transferring lump sum cash sometimes creates a headache for the payer especially an apprehension that follows in losing the money. However, paying by cheque limits the chance of losing money.
- It can prevent scam that means if the payee is fraud in that case the payer can sue the person by issuing a cross cheque. Note that cross cheques are trackable.
- Once you are paying through cheques no need to ponder about the proof, as the cheque itself is the evidence.
- The major plus point of the cheque is that this system can wash off the illegal money from the economy.
What do you need to know about the account number on the cheque?
Certainly, It helps you track the amount you are spending. Additionally, you have the know-how regarding then balance on your check book.
Where should you find the account number on the cheque?
For those who are using the cheque for the first time often has this dilemma where is the account number on the cheque?
Firstly, you should thoroughly check the cheque. You will find that the account number is there right at the end of the cheque.
Next, you should know that there is one more number on the cheque, which is the routing number, and you will find this on the left-hand side.
The easiest way to locate the account number on the cheque is by following a certain symbol. Note that all of you have already seen that symbol of the cheque. The only thing you need to do is that follow the symbol minutely. You will see that the symbol has two consecutive lines. In addition, the digits placed just prior to that lined symbols are your specific account number.
The compilation of the article rightfully answered the question of how to identify the account number on a cheque. Besides that, it also enlightened readers on the benefits of the cheque. Also, about what is the account number on the cheque?