A cheque is a written order to NAB to pay a sum of money on demand. Some of NAB's banking services provide cheque access. If you have cheque access, the following features apply. Looking for information about bank cheques?
Check out our bank cheque. When you write out a cheque, it must be completed properly and with care to avoid fraudulent alteration, and be ed in accordance with the ing authority you have given NAB. When ing a cheque you must: provide your full ature against each alteration you make; and date the cheque on the date it was ed; and complete all details.
When NAB receives your cheque for payment: it is deemed to be a request by you to NAB to withdraw funds from your for the amount shown on the cheque; it is an authority to pay those funds to the payee of the cheque or to the payee's bank; and if there are not enough cleared funds in yourNAB may dishonour or pay the cheque at its discretion.
Generally it will take three working days from the time you deposit the cheque until the proceeds are available as cleared funds in your .
The steps involved in clearing a cheque are usually: you deposit a cheque you have received into your NAB ; we will seek payment of the cheque from the bank on which the cheque is drawn; and the bank will pay the proceeds of the cheque to your NAB. Only after the completion of these steps will the cheque be cleared.
Normally you will not be able to withdraw the value of a cheque you deposit until the cheque is cleared, even though your will be immediately credited with the proceeds of the cheque. This rule applies even to cheques made payable to 'cash'.
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If you cross a cheque by drawing two parallel lines from top to bottom across the front of the chequeyou are telling NAB not to cash it over the counter. The cheque therefore must be paid to a bank e. If NAB does cash a crossed payment, it may be liable for any loss suffered by the true owner. You may write the datings 'not negotiable' between the two parallel lines on your cheque. This means that if the cheque is transferred to another person, the person who obtains the cheque has no cheque rights to it than the site who gave it.
For example, if the cheque was stolen, the person from whom the cheque was stolen might recover the amount of the cheque from the person who received payment, even though that person who received it may have done nothing wrong. You may also write ' payee only' between the two parallel lines on your cheque. These words mean that you direct a bank that is accepting the cheque to pay the amount only to the of the person named in the cheque. The bank is put on notice to make enquiries if a person other than the payee tries to pay the cheque into his or her ownor tries to cash the cheque.
NAB may be liable to the true owner of the cheque if it negligently pays the proceeds of the cheque to a person other than the payee. The words ' payee only' do not prevent the transfer of a cheque. Cheques are generally printed with the words 'or bearer' appearing at the end of the line on which you put the name of the person to be paid. The words 'or bearer' mean that the bank on which the cheque is drawn is entitled to pay the cheque to the person in possession of the cheque, even if that person found it or stole it, unless the bank has reason to suspect that the cheque has fallen into the wrong hands.
If you wish to alter this position, the simplest way to do this is to cross out the words 'or bearer'. This will make the cheque an 'order' cheque. Where the cheque is an 'order' cheque, the bank on which the cheque is drawn must only pay the cheque to the person named as payee or to a person to whom the cheque has been endorsed. Alternatively, you may notify any branch of NAB, either in person or by phone.
No matter how you choose to notify NAB it is important to tell us quickly if you want to stop payment. If you advise us by telephone, we will stop payment of the cheque assuming the cheque has not already been presented for payment and may also seek your written confirmation. It is important to clearly identify the cheque by providing: the name and ; the cheque and amount; the date of the cheque; and to whom the cheque is payable.
From the main menu, go to the information section and select the Stop Cheque sub menu option. Select the that you want to stop the cheque payment on from the Select drop down list. Select why you want the cheque stopped from the Reason for stopping the cheque drop-down list.
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NAB may charge a fee for stopping payment on a cheque and we will advise you of this fee at the time you request NAB to stop payment on it. You can also use deposit a cheque into your using either an ios smartphone or android smartphone. If you don't currently use the EBD specific deposit book please speak to your branch or banker about ordering. These include: there are not enough available funds in your to cover the amount of the cheque; there is some irregularity with your cheque, for example it is uned, is more than 15 months old, is post-dated i.
NAB may charge a fee for dishonouring your cheque. When a cheque is presented for payment into the of, or to, a person other than the nominated payee it is called a third party cheque. Whether the cheque is open or crossed, NAB will carefully establish whether the bearer is entitled to hold the cheque. If we pay an unauthorised person, NAB may be liable to the drawer or true owner, unless we have acted in good faith and without negligence. If it is an 'order' cheque, it must be endorsed by the payee on the reverse side.
Sbi to implement new cheque payment system from next month
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Notification: How was your visit to the NAB website? Provide your feedback. Download the NAB app. Cheque payment information. Important information about how to use your cheques.
What is a cheque? Please note, the special clearance is no longer available. Drawing a cheque When you write out a cheque, it must be completed properly and with care to avoid fraudulent alteration, and be ed in accordance with the ing authority you have given NAB. Clearing a cheque Generally it will take three working days from the time you deposit the cheque until the proceeds are available as cleared funds in your .
What is a postdated check?
Effect of crossing If you cross a cheque by drawing two parallel lines from top to bottom across the front of the chequeyou are telling NAB not to cash it over the counter. Meaning of 'not negotiable' You may write the words 'not negotiable' between the two parallel lines on your cheque.
Meaning of ' payee only' You may also write ' payee only' between the two parallel lines on your cheque. ificance of deleting 'or bearer' Cheques are generally printed with the words 'or bearer' appearing at the end of the line on which you put the name of the person to be paid. NAB can stop a payment of a cheque, only if the: cheque has not been presented for payment details you provide are accurate for example, the cheque s are correct. Select either: single cheque - Enter one cheque range of cheques - Enter the first cheque to stop and the last cheque to stop.
Cheque s must be: in sequence for example, - means cheques 3, 4 and 5. Click Submit.
Your request has been sent. Depositing a cheque written in t names Only t s can accept a cheque written in both names. Unauthorised alteration of your cheques When you write a cheque, you should take care to reduce the opportunity for forgery and fraud.
Third party cheques When a cheque is presented for payment into the of, or to, a person other than the nominated payee it is called a third party cheque. Important information.