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Legal Terms – Cheque Card
cheque card A bank will honor a customer's check as long as it is signed by the customer and does not exceed a certain amount on a card that the bank issues to that customer. This is typically contingent upon meeting specific requirements, such as the payee having to write the card number on the reverse of the check and the check having to be signed in the payee's presence and in accordance with a specimen on the card. Thus, regardless of the status of the customer's account with the bank, the bank guarantees the payee that the check will be honored.
cheque card A bank will honor a customer's check as long as it is signed by the customer and does not exceed a certain amount on a card that the bank issues to that customer. This is typically contingent upon meeting specific requirements, such as the payee having to write the card number on the reverse of the check and the check having to be signed in the payee's presence and in accordance with a specimen on the card. Thus, regardless of the status of the customer's account with the bank, the bank guarantees the payee that the check will be honored.
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