What To Consider Before Writing A Cheque

Filed in Bank & Finance by on August 24, 2016

cheque-writingAn online report by www.thebalance.com? gives some advice on what to consider before writing a cheque.

After you write a cheque, make a record of the payment (ideally with a cheque register, whether electronic or on paper). This prevents you from spending the money twice — the funds will still show as available in your account until after the cheque is deposited or cashed, and that could take a while. It’s also a good idea to make a note of the payment while it’s fresh in your mind.

Before writing a cheque, make sure that it’s really something you need to do. Writing a cheque is cumbersome, and it is not the fastest way to pay. You might have other options that make your life easier and help you save money. For example, you can:

Pay bills online (and even tell your bank to send a cheque automatically each month). You won’t need to write the cheque, pay for bills.

Get a debit card and pay with that instead. You’ll pay out of the same account, but you’ll do it electronically. No need to use up cheques (which you’ll have to re-order), and you’ll have an electronic record of your transaction.

Set up electronic payments for regular payments like utility bills and insurance premiums. There is generally no charge to pay this way, and it makes your life easy. Just be sure that you have always got enough cash in your account to cover the bill.

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