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What Is A Cancelled Cheque And How To Cancel A Cheque Right Way?

"A cheque is a negotiable document that instructs the bank to pay a certain amount from the drawer’s account to whoever it is issued to or as per the direction of the designated person or holder of the cheque. There are several types of cheques, such as open cheques, stale cheques, self-cheques, crossed cheques, bank cheques, cancelled cheques, and so on.

A cancelled cheque is one that has two parallel strike lines. It is used to guarantee that the cheque is not misused. Banks or financial organizations may require a cancelled cheque photo to check the correctness of a user’s banking information. These cheques must be shown as proof of a genuine bank account. A cancelled cheque may be worth more than you believe. A cancelled cheque may seem to be a non-transferable cheque, but it is one of the most vital and critical official papers needed by financial institutions or banks to confirm the customer’s banking credentials.

It is thus important to know all about a cancelled cheque, why it is required, how to cancel a cheque and the risks associated with it. So, read on to get all the information regarding cancelled cheque. "