cheques

A cheque is a method of paying bills or sending money to another person in general. The cheque deatils include the person's name, the amount, the date and must be signed by the payer.

If writer of the cheque has sufficient money in their account, the money appears in the receiver's account approximately 2 days after the cheque is deposited in an account at a branch. If there is not sifficient funds to cover the amount of the cheque, the transfer does not take place.

Also known as a personal cheque.




Bank cheque

Similar to cash, a bank cheque can be obtained at a branch. The funds must be withdrawn from an existing account. The cheque details include the name of the payee and the amount.




Account

A bank account has the person's name and an account number.

Money can be withdrawn at an ATM machine or in a branch.

Deposits into the account are generally made by depositting cheques, or regular deposits such as salary amounts.


