What is an Open Cheque? Meaning & Example
March 25, 20263 min read
An open cheque is a cheque that is not crossed. It can be encashed over the counter at the bank, or deposited into a bank account.
How an open cheque works
Because there are no crossing lines, the holder can walk into the drawer's branch and receive cash directly, or pay it into an account. Both bearer and order cheques can be "open".
Example
If you receive an uncrossed cheque, you can take it to the issuing bank's branch and collect cash immediately.
Open cheque vs crossed cheque
- Open cheque — can be paid in cash at the counter.
- Crossed cheque — must be deposited into a bank account, not paid in cash.
For safety, most businesses prefer a crossed cheque. Learn about all types of cheques.
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