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2013×2014 APPLICATION TO BECOME A MEMBER OF The Institute of Banking PERSONAL DETAILS ALL FIELDS ARE MANDATORY Surname qqqqqqqqqqqqqqqqqqqqqqqqq Name before Marriage (if applicable) qqqqqqqqqqqqqqqqqqqqqqqqq
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How to fill out postdated chequesdrafts are not

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How to fill out postdated cheques (Drafts are not)?

01
Start by writing the current date on the cheque. This is the date when you are filling out the cheque.
02
Below the date, write the name of the recipient or payee. This should be the person or organization to whom you are making the payment.
03
On the designated line, write the amount of money you wish to pay. Ensure that you write the amount clearly and accurately.
04
Next, write out the amount in words. This is to avoid any confusion or discrepancy in the payment. Double-check the spelling and accuracy of the written amount.
05
Sign the cheque at the bottom right corner. Your signature verifies that you authorize the payment.
06
Finally, tear off the cheque from the chequebook along the perforated line.

Who needs postdated cheques (Drafts are not)?

01
Individuals who require proof of payment on a specific date: Postdating a cheque allows individuals to show evidence that a payment was made on a particular date. This can be useful for various purposes, such as rental payments, loan installments, or subscription fees.
02
Businesses or organizations with scheduled payments: Postdated cheques are commonly used by businesses or organizations to manage their cash flow and ensure timely payments. By postdating a cheque, they can plan their finances and ensure that funds are available when the payment is due.
03
Landlords or property owners: For landlords or property owners, postdated cheques are often used as a security measure to ensure that tenants make their rent payments on time. By providing postdated cheques, tenants commit to paying their rent on the agreed-upon date each month.
04
Individuals with financial commitments: People who have recurring financial commitments such as loan repayments, insurance premiums, or membership fees may opt for postdated cheques. It helps them stay on track with their financial obligations and reduces the chances of missing a payment.
In conclusion, postdated cheques (drafts are not) can be useful for individuals and businesses alike who want to ensure timely payments and maintain a record of transactions. By following the correct procedure for filling out postdated cheques, you can effectively manage your financial commitments and avoid any potential issues.
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Postdated cheques/drafts are not checks that have a future date on them.
Anyone who receives postdated cheques/drafts as a form of payment may need to file them.
To fill out a postdated cheque/draft, simply write the future date on the check and make sure the recipient is aware that it cannot be cashed until that date.
The purpose of postdated cheques/drafts is to provide a payment guarantee for a future date.
The future date, amount, recipient, and issuer's information must be reported on postdated cheques/drafts.
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