Cheques are used in almost all transactions such as re-payment of loans, payment of salary, bills, fees, etc. A vast majority of cheques are processed and cleared by banks on daily basis. Cheques are issued for the reason of securing proof of payment. Nevertheless, cheques remain a reliable method of payment for many people. On the other hand, it is always advisable to issue crossed “Account Payee Only” cheques in order to avoid their misuse. A cheque is a negotiable instrument. Crossed and account payee cheques are not negotiable by any person other than the payee. The cheques have to be deposited into the payee's bank account. Legally, the author of the cheque is called ‘drawer’, the person in whose favor, the cheque is drawn is called ‘payee’, and the bank who is directed to pay the amount is known as ‘drawee’. However, cases of cheque bounces are common these days. Sometimes cheques bearing large amounts remain unpaid and are returned by the bank on which they are drawn. When a cheque is dishonoured, the drawee bank immediately issues a ‘Cheque Return Memo’ to the banker of the payee mentioning the reason for non-payment. The payee’s banker then gives the dishonoured cheque and the memo to the payee. The holder or payee can resubmit the cheque within three months of the date on it if he believes it will be honored the second time. However, if the cheque issuer fails to make a payment, then the payee has the right to prosecute the drawer legally. If you have any case of check bouncing, you can talk to lawyer PARKASHDEEP KAUR.
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