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What is the purpose of "Account Payee" Crossing in Cheques?

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تم إضافة السؤال من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
تاريخ النشر: 2015/01/06
Sahar Alech
من قبل Sahar Alech , Auditor / Financial Manager , Accounting Services Office

Crossing a check means the check should be deposited in the  bank's account of the corporation or 

payee written on the check

Mohammed Salim Allana
من قبل Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

Agreed with all champs!

 

A control mechanism to avoid fraud and ensure the amount to be collected by the first payee of the cheque.

Ahmed kandil
من قبل Ahmed kandil , Cost Controller , Battour Holding Cpompany

amount can be paid only to the account of the person in whose name cheque is written 

through his own account 

georgei assi
من قبل georgei assi , مدير حسابات , المجموعة السورية

Information is very important for the security and the fight against money laundering

Mir Mujtaba Ali
من قبل Mir Mujtaba Ali , Internal Audit Manager , Confidential

Security to the beneficiary

Abd ElRahman Mohammed Idris Mohammed
من قبل Abd ElRahman Mohammed Idris Mohammed , Internal Audit Manager , Kenana Sugar Company Limited

To be paid only to  the first beneficiary whose name is written in cheque. It is prevent endorsement cheque to another person, so fraudulent practice could be avoided.

RAMAN NAMPOOTHIRI
من قبل RAMAN NAMPOOTHIRI , Dubai, UAE as Audit Manager , Paul & Hassan Chartered Accountants

If the cheque is  ' account payee' the amount can be paid only to the account of the person in whose name cheque is written.

The crossing of cheque will make it to a non negotiable instrument. It ensures that amount is paid to the account of the person and thus prevents fraudulent withdrawal.

waeil osman EL sharif
من قبل waeil osman EL sharif , Business Coach & Relationship Manager -Corporate Banking , Sudanese Egyptian Bank

I agree with Sahar Alech

KRISHNA KUMAR MADHAVAN PILLAI
من قبل KRISHNA KUMAR MADHAVAN PILLAI , Senior Accountant , Al Saqr Property Management LLC

The payment is made only to the account of the payee, which is highly secured.

Gladzon Jose
من قبل Gladzon Jose , Accountant , Max Rock Spectrum LLC

Instrument can be cleared only to the person whose payee name is  mentioned through his holding bank account.

Jijumon James
من قبل Jijumon James , SENIOR ACCOUNTANT , BADR AL SAMAA HOSPITAL

It prevent collecting cash directly from the counter of the bank. and drawing of cash only through the account, mentioned in the face of the crossed cheque.

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