|
Terminology
Payee
Person to whom the cheque is made out to.
Drawer
Business or Person that wrote the cheque.
Clearance
Time taken for the bank to transfer money into bank account after it has been paid in.
Special Clearance
Chargeable service whereby the banks confirm that the cheque will be honoured when presented to the issuing bank. Note Special Clearance does not speed up the time taken to clear the cheque.
PayDay Advance
Name given to service when a Payees personnel cheque is cashed for a fee. An agreement is made not to present the cheque to the Payees bank until a certain date. Normally within 28 days. The Payee may purchase the cheque, for its face value, at any time until it is banked on the agreed date.
Transaxâ
Brand name of cheque appraisal financial service.
BCCAâ
British Cheque Cashers Association. Trade body representing cheque cashers.
APACSâ
Association for Payment Clearing Services. Trade association of Banks and Building Societies that deals with payment clearing activities.
|
|
