Definition
An Account Payee Cheque is a cheque that can only be deposited into the bank account of the person or business written on it.
Features
- Marked with “A/C Payee” across two lines.
- Safer than open cheques because only the named person can use it.
Example
If you receive an account payee cheque, you cannot withdraw cash directly; it must be deposited in your bank account.
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