Question

An ______ is a cheque which is payable across the counter of the bank.

Options

• Open cheque

• Pay-in slip

• Crossed cheque

• Bank draft

Answer 1

An Open cheque is a cheque which is payable across the counter of the bank.

Explanation:

An open cheque is an uncrossed cheque that can be submitted to the drawee bank for immediate cash withdrawal at the counter. Because it has no parallel crossing lines that limit its payment, any bearer or authorised payee can just go up to the teller counter, verify their identity if necessary, and encash it right away.