Knowing how to read a Canadian cheque is essential for any business or personal account holder. If you have a Canadian bank account, this knowledge will be of great benefit. It will also make your life easier if you need to cash a cheque for a large sum of money. Here are some tips on how to read a Canadian check. Follow these steps to ensure your money goes to the right place. You can even take a picture of the cheque and email it to your bank for assistance setting up Direct Bank Deposit.
The first part of a Canadian cheque is the number. This number will be found on the top right hand corner. Sometimes it will be two or three digits long or six digits long. The MICR line is a visible line on the cheque, but you can also see this if you look closely. The transit number is always five digits long and can be difficult to read, so it is important to know how to read it.
The next step is to know the bearer of the cheque. It is important to understand this because you can get a cheque cashed only if you are the one to sign it. If you do not know who the bearer is, you can write "myself" or "payee". Do not leave this field blank, as it could be cashed by anyone. You should also make sure you don't leave the "payee" line blank, as this would give anyone the right to cash your cheque.
SITES WE SUPPORT
SOCIAL LINKS
Comments