Bank cheques..

As most of the time the cheques are issued to account holders, why not have A/C payee as a default option on all the cheques? If some one is using it the other way then he can strike it out. Writing out a cheque will then become a bit simple.

This is bad idea as comments on this post explains..


9 Responses to “Bank cheques..”

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  6. 6 S.Karthikeyan December 6, 2006 at 6:23 pm

    Anand you are correct. Had bit of thought and realised it! Not a good idea indeed.

  7. 7 S Anand December 6, 2006 at 6:10 pm

    That would still be a problem.

    In your case, if the cheque is misplaced, anyone getting hold of it could write “bearer” on top of it and cash it.

    In the current scheme, if the cheque is misplaced, the person trying to cash it needs to strike out “A/C payee” and SIGN it. He would get caught on the signature (hopefully!)

    So I guess the current system is safer.


  8. 8 S.Karthikeyan December 5, 2006 at 10:53 am

    Thanks for making it clear!
    What I intended was the second option you have mentioned. All cheques will be A/C payee by default and if you need a bearer cheque you write on it. (The cheques need not have A/C payee typed over it).

  9. 9 pegasus December 5, 2006 at 8:20 am

    let me recompose….
    you want that if someone should give u an account payee cheque, you can strike out the account payee portion and make it a bearer cheque? (hence losing the audit trail)

    or to make a cheque bearer payee, you need to write “or bearer” and sign it for the second time?

    In pre-atm days, I wrote a lot of bearer cheques (two times each month for 4 years) to withdraw cash. i believe the change would be an uncalled hassle.

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