returned cheque

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A cheque on which payment has been refused and which has been returned to the bank on which it was drawn. If the reason is lack of funds, the bank will mark it refer to drawer; if the bank wishes to give the customer an opportunity to pay in sufficient funds to cover it, they will also mark it “please represent”. The collecting bank will then present it for payment again, after letting his customer know that the cheque has been dishonoured.

Subjects: Financial Institutions and Services.

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