Cheques

Accepting a cheque

Under the Cheques Act 1986, a teller has an obligation to ensure that the account a cheque is deposited into is entitled to the funds. This usually means checking that the payee's name is the same as the account name.

However, the cheque below says 'payable to Bill Smith or bearer'. This type of cheque is fully transferable and means it can be paid in by anyone i.e., a client with another name.

In that case, check the date is the current day's date and that the sum written in words is the same as the one written in figures.