#Drawee vs accountee full

You may stop payment of your cheque before it has been presented for payment by calling 13 22 65 from Monday to Friday, 8:00am to 7:00pm (AEST/AEDT), Saturday to Sunday, 9:00am to 6:00pm (AEST/AEDT) for personal customers or 13 10 12 from Monday to Friday, 8:00am to 8:00pm (AEST/AEDT), Saturday to Sunday, 9:00am to 6:00pm (AEST/AEDT) for business customers. 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. This will make the cheque an 'order' cheque. If you wish to alter this position, the simplest way to do this is to cross out the words 'or bearer'. 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. Significance of deleting 'or bearer'Ĭheques 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 'account payee only' do not prevent the transfer of a 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 bank is put on notice to make enquiries if a person other than the payee tries to pay the cheque into his or her own account, or tries to cash the cheque. These words mean that you direct a bank that is accepting the cheque to pay the amount only to the account of the person named in the cheque. You may also write 'account payee only' 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 greater rights to it than the person who gave it.įor 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 write the words 'not negotiable' between the two parallel lines on your cheque. If NAB does cash a crossed cheque, it may be liable for any loss suffered by the true owner. The cheque therefore must be paid to a bank (e.g. If you cross a cheque (by drawing two parallel lines from top to bottom across the front of the cheque), you are telling NAB not to cash it over the counter. This rule applies even to cheques made payable to 'cash'. Normally you will not be able to withdraw the value of a cheque you deposit until the cheque is cleared, even though your account will be immediately credited with the proceeds of the cheque. Only after the completion of these steps will the cheque be cleared. The steps involved in clearing a cheque are usually: you deposit a cheque you have received into your NAB account 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 account. Generally it will take three working days from the time you deposit the cheque until the proceeds are available as cleared funds in your account. When NAB receives your cheque for payment: it is deemed to be a request by you to NAB to withdraw funds from your account 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 your account, NAB may dishonour or pay the cheque at its discretion.

#Drawee vs accountee full

When signing a cheque you must: provide your full signature against each alteration you make and date the cheque on the date it was signed and complete all details.

When you write out a cheque, it must be completed properly and with care to avoid fraudulent alteration, and be signed in accordance with the signing authority you have given NAB. Please note, the special clearance is no longer available. Looking for information about bank cheques? Check out our bank cheque page. If you have cheque access, the following features apply.

Some of NAB's banking services provide cheque access. A cheque is a written order to NAB to pay a sum of money on demand.