Incomplete Payee Name (Cheque)
By erik.fuerte •
Hello guys..can anyone tell me please what is the effect, as far as the bank is concerned, if the name of the payee in a certain cheque is incomplete, e.g., Plastic instead of Plastic Factory Co. W.L
Many thanks :)
Actually this thing really happens, but i suggest that you let the maker/ drawer of the check complete the payee's name to avoid delays and then countersign,or if there is really no way to do it, since i believe this check is for deposit only to the account, if the receiving bank accepts the check subject for clearing, its now on the decision of other party if they will honor the check or not. Its better to inform the issuer of the check regarding the situation.
sign it on the back
and give it to ur driver to cash it ;)
If it is account payee with short name the bank will accept the cheque, but remember to check the same before accepting it as now days pople are making purposefull mistakes in the cheques to avoid delay in paying and then simple excuses.