6 Important Facts about Dishonored Cheques
Bengaluru: Successful payments play a decisive part in any business. And cheques are the most preferred and reliable methods of paying bills, fees, loan and much more. Today, a bank process and clear a huge number of cheques daily and notices a considerable number of bounced cheques. Below in the article reported by The Economic Times illustrates few important facts to be known about dishonored or bounced cheques:
What is Bouncing of Cheque?
When the bank refuses to accept the cheque or dishonors it, the cheque provided by the issuer “bounces”.
Criteria for Refusal of Cheque
Overwriting, signature mismatch, a stale date or insufficient funds are some of the common reasons for bouncing of the cheque.
Read Also:
