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It says the cheque was "cancelled", so no payment was transfered and so no claim of ownership. Right? EDIT: Thanks for all the replies. I didn't know the chequ
by pierrefar 16y ago
It says the cheque was "cancelled", so no payment was transfered and so no claim of ownership. Right?
EDIT: Thanks for all the replies. I didn't know the cheque is called "cancelled" after it's paid.
- rdj 16y agoI don't think they mean canceled, as in "not cashed or usable". They mean canceled as in "transaction complete, this instrument is no longer valid for further transactions". When you write a check and someone uses it, it gets sent to your bank to be canceled and stored/destroyed.
- Mankhool 16y agoOnce a cheque is approved and all appropriate accounts involved have been credited, the cheque is stamped with some kind of cancellation mark, such as a "paid" stamp. The cheque is now a cancelled cheque. Cancelled cheques are placed in the account holder's file. The account holder can request a copy of a cancelled cheque as proof of a payment. This is known as the cheque clearing cycle.
- rje 16y agoA cancelled check is one that has been approved, cleared for payment, and processed. It is proof that there was a transfer of funds, although a check in and of itself won't help prove what the funds were for.