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Lecture Retail and merchant banking – Lecture 24

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After studying this chapter you will be able to understand: features of a cheque, types of cheques, bearer cheque, order cheque, anted – dated cheque, stale chequ, mutilated cheque, post-dated cheque,...

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Cheques

6 Signature of the drawer

7 Routing / account number 8 Fractional routing number

A cheque Is generally valid indefinitely or for six months after the date of issue unless

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Cheques

‘Features ofa

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Cheques

Features of a Cheque

* Some important features of a cheque are given below;

1 ACheque must be In writing and duly Signed by the drawer

2 It contains an unconditional order

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Cheques

Types of cheques

- Acheque used to pay wages due Is referref to as a payroll cheque

- Atraveller’s cheque Is designed to allow the person signing It to make an

unconditional payment to someone else as a result of paying the account holder for that privilege These cheques can usually

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Cheques

Types of a Cheque

- Acheque issued by a bank on Its own account for a customer for payment toa third party is called a Cashier’s cheque A Treasure’s cheque, a Bank cheque, ora

Bank draft

- Acheque issued by a bank, but drawn on

an account with another bank, Is a teller’s

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Cheques

Open Cheque:

- Acheque Is called ‘open’ when it Is

possible to get cash over the counter at the bank The holder of an open cheque can do the following;

- Receive its payment over the counter at the bank

- Deposit the cheque In the bearer’s

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Cheques

Crossed Cheque:

- The risk from an open cheque can be avoided by issuing a crossed cheque - The payment of such a cheque Is not

made over the counter at the bank It is only credited to the bank account of the payee

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Cheques

Crossed Cheque:

Crossing is made by drawing two parallel transverse lines across the face of the

cheque with or without writing ‘Account

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Cheques

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Cheques

Bearer Cheque

- A bearer cheque Is payable to any person who presents It for payment at the bank

counter It can be transferred by mere delivery and requires no endorsement - Acash cheque or a bearer cheque ora

self cheque does not bear the name of the payee

* It simply states that payable to ‘bearer’ or

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Cheques

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Cheques

Order cheque

- An order cheque Is a cheque that Is payable to a particular person

* In such a cheque, the word ‘bearer’ may be cut out or cancelled and the word

‘order’ may be written

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Cheques

Ante -— dated Cheque

- This is a cheque in which the drawer mentions the date earlier to the date of presenting It for payment

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Cheques

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Cheques

Stale Cheque

* Acheque which Is issued today must be presented at bank for payment within a Stipulated period

- Ajter expiry of that period, no payment will be made and It is then called a stale

cheque

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Cheques

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Cheques

Mutilated Cheque

- In case a cheque Is torn into two or more pieces and presented for payment, such a cheque Is called mutilated cheque

* The bank will not make payment against such a cheque without getting confirmation of the drawer

- The bank may make payment against

such a cheque if Its is torn at the corners

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Cheques

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Cheques

Post-dated cheque

* This is a cheque on which the drawer mentions a date which is subsequent to the date on which it is presented

- For example, if a cheque presented on May 8, 2007 bears a date of May 25, 2007, it is a post-dated cheque

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- Parties to a Negotiable

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Negotiable Instrument

Valid Acceptance:

- The essential requirements of a valid acceptance are that It;

1 Must be written 2 Must be signed

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Negotiable Instrument

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Negotiable Instrument

Holder in Due Course

Holder in due course means any person who for consideration becomes the

possessor of a promissory note, Dill of

exchange or cheque payable to bearer or the payee or endorser thereof if payable to order, before the amount mentioned therein

becomes payable and without sufficient

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Negotiable Instrument

Holder in Due Course

The definition specifies that:

The holder has to possess the instrument In due course and before the date of

maturity

2 The consideration must be legal and adequate

3 There should be sufficient cause to

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Negotiable Instrument

Holder in Due Course

4 The holder should not become the holder in due course even if he received the

Instrument without any suspicion or knowledge about such defects

5 Notice of any defect in the title

Subsequent to the date of acquisition should not affect the rights of the holder in due

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Lecture 25

- Banker and

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Banker and Customer

The Banker

- The role of a banker is one filled with

multiple duties and responsibilities

- There are different types of bankers and each one Is unique In his own way

- Some of these individuals work for large corporate conglomerates while others

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Banker and Customer

The Banker

- Each banker has his own set agenda In his role as a banker

* A banker Is an individual (or an institution) who advises his clients with regard to

financial matter

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Banker and Customer

- The Banker

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Banker and Customer

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Banker and Customer

The Customer

* In banking, a customer is Someone who

makes use of or receive the services of the bank

- The word customer historically derives ‘custom’ meaning habbit, so a customer was someone who frequented a particular shop, who made it a habbit to purchase

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Banker and Customer

Duties of a Customer

All banks carry out the customer’s

instructions in a business-like manner

In return, the customer has special duties of cooperation and other duties of care

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Banker and Customer

- Duties of a Customer 4 Use of forms

5 Express notification of any special Instruction

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