People are used to withdrawing using their debit cards with the ATMs, but there are also cheque book, you might even be wondering what that is or if its possible pay or receive money with it. Working in some industries or for some certain people who might like to give you your pay in cheque, rather than making a transfer of the payment to you.
Now, you might have a question or two on your mind, is it easy or fast to withdraw with? don’t worry it’s pretty simple. Just follow the steps below and you’ll be able to withdraw money from your account using a cheque book.
What Is a Cheque Book and How Does It Work?
A cheque book is a booklet that contains blank cheques. When you write a cheque, you’re essentially writing a promise to pay the recipient the specified amount of money.
The cheque book is linked to your bank account, so the funds will be transferred as soon as the cheque is cashed. This makes it a pretty secure way to pay for things, since you’re not handing over your cash or credit card details.
To withdraw money using your cheque book, just take your book to the bank and fill out the slip. Write the amount you want to withdraw in the designated space, and then sign the slip. Your bank will process the request and give you the cash. Easy peasy!
Is it safe to withdraw money using a cheque book?
Is it safe to withdraw money from your bank account using a personal cheque, the answer is generally yes. It’s important to remember that a check is a legal document, and when you sign a cheque you’re agreeing to pay the amount of money specified from your bank account. So long as you have enough money in your account to cover the amount of the check, there shouldn’t be any problem.
Of course, there are some exceptions. If you know that there are insufficient funds in your account to cover the check, or if you suspect that the check might be fraudulent, it’s best not to cash it. Forgery is a serious crime, and if you knowingly cash a forged cheque, you could be charged with complicity. If you’re unsure whether or not a check is legitimate, you can always ask your bank to verify it before cashing it.
Why Use a Cheque Book Instead of an ATM Card?
There are a lot of reasons why you might want to use a cheque book instead of an ATM card. Here are five of them:
- You can withdraw more money at once with a cheque book than you can with an ATM card.
- You can use a cheque book to pay bills or make other payments without having to go online.
- If you lose your ATM card, you can still use your cheque book.
- You don’t have to worry about getting charged for using your ATM card.
- You can use your cheque book to get cash back when you make purchases at some merchants.
How to Withdraw Money Using a Cheque Book
Withdrawing money using a cheque book is easy. All you need to do is fill out the slip and hand it to the teller along. The teller will then process the transaction and hand you the cash.
There are a few things to keep in mind when using a cheque book to withdraw money. First, you will need to have enough money in your account to cover the amount you are withdrawing. Second, you may be charged a fee for using a cheque book, so be sure to check with your bank beforehand. Finally, remember to sign the back of the cheque before handing it over to the teller.
How to Fill Out a Cheque Book
Assuming you have a cheque book, follow the steps below to write a cheque:
- Fill in the date on the top right-hand side of the cheque. This should be the day that you are writing the cheque. Write the month as a word rather than a number (e.g. January, not 1).
- In the “Pay” field, write the name of the person or organization you are paying the cheque to. If there is not enough space, you can use abbreviations (e.g. “Dr” for “Doctor”).
- In the “Amount” field, write the amount of money you are paying, using words and digits. For example, “one thousand five hundred and fifty naira.” Make sure you use the word “and” between the naira amount and the kobo amount.
- In the “Amount” field, write the amount of money you are paying, in digits. Do not include the word “naira”.
- Sign the cheque at the back.
Tips for Using a Cheque Book
Assuming you have a cheque book, there are still a few things to keep in mind when using one.
- Make sure you have enough money in your account to cover the amount of the cheque. Otherwise, the cheque will be dishonored and you may be charged a fee.
- Write the cheque carefully and legibly. Be sure to include the date, payee, amount, and your signature.
- Keep a record of the cheque in your checkbook or another personal record-keeping system. This will help you track your spending and prevent fraud.
- Be aware of any fees associated with writing or cashing a cheque. These can vary depending on your bank and the type of account you have.
- If you are writing a cheque to someone in another currency, be sure to use the correct exchange rate.
- Avoid post-dating cheques, as this can cause problems for the payee.
- If you need to cancel a cheque, write “void” across it and destroy it. Do not attempt to alter the cheque or cross it out, as this can invalidate it.
Withdrawing money with a checkbook is easy. All you need is your cheque book and a legal means of identification. Here’s a step-by-step guide on how to do it.
- Present your cheque book and identification to the teller.
- Tell the teller how much money you would like to withdraw.
- Verify the amount of money on the printed cheque.
- Sign the back of the cheque.
- The teller will give you the money and your receipt.
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