cheque card

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A card issued by a bank to one of its customers containing an undertaking that any cheque signed by the customer and not exceeding a stated sum will be honoured by the bank. This is normally subject to certain conditions; for example, the cheque must be signed in the presence of the payee, the signature must correspond with a specimen on the card, and the payee must write the card number on the reverse of the cheque. The bank thus undertakes to the payee of the cheque that the cheque will be honoured regardless of the state of the customer's account with the bank.

Subjects: Social Sciences — Law.

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