Damon Mcknight
In Australia, cheques have specific layout requirements, including designated areas for essential information such as the account name and number, cheque number and amount, date, and payee. To reorder a cheque book, individuals can use NAB Internet Banking or contact NAB directly. When stopping a cheque payment, it is crucial to identify the cheque by providing the account name and number, cheque number, amount, date, and payee.
| Characteristics | Values |
|---|---|
| Cheque number location | The cheque number is part of the MICR line, which also includes the customer's account number and the BSB of the financial institution. |
| Cheque layout | The layout of cheques is divided into areas for the insertion of specific information. The dimensions of these areas depend on the amount of information to be entered. The name of the financial institution must be at least 3mm in height and easily recognisable. |
| Cheque reordering | Cheque books can be reordered via NAB Internet Banking or by contacting NAB. Re-orders cannot be placed between 9 pm and 4 am AEST/AEDT. |
| Stopping cheque payment | To stop a cheque payment, log in to NAB Internet Banking and select the relevant account and reason for stopping the cheque. A fee of $15 per stopped cheque may be charged. |
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What You'll Learn
Reordering a cheque book
If you need to reorder a cheque book, the process will depend on your bank. Many banks now offer digital services that allow you to order a new cheque book online or via a mobile app.
For example, if you bank with Ulster Bank, you can log in to Anytime Internet Banking and type "order cheque book" in the digital assistant, Cora. You can also call Telephone Banking on 03457 424365 (or +44 2890 538 033 from overseas) to place your order.
If you're a Lloyds Bank customer, you can order a new cheque book for your business account by going to 'Support' in the app and then messaging the assistant to request one. You can also email [email protected]. Your new cheque book should arrive at your registered business address within 14 working days.
It's worth noting that cheque books are no longer automatically reissued, so you'll need to proactively order a new one when you need it.
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Identifying a cheque
To identify a cheque, several key pieces of information are required. The following details are essential to ensure proper identification:
Account Name and Number
The account name and number are fundamental references for identifying the source of the cheque. This information is crucial for tracing the funds back to the specific account from which the payment is being made.
Cheque Number and Amount
Each cheque has a unique number that distinguishes it from other cheques issued from the same account. This number is essential for tracking and verifying the cheque's authenticity. Additionally, the amount specified on the cheque must be clearly stated to indicate the value of the payment.
Date of the Cheque
The date on which the cheque is issued is important for various reasons. It helps establish the timeline of the transaction and can impact the validity and processing of the cheque, especially if there are time-sensitive considerations.
Payee Information
Identifying the designated recipient of the cheque is vital. This information clarifies who is authorised to receive the payment, ensuring that the funds are directed to the correct individual or entity.
Financial Institution Details
Details about the financial institution on which the cheque is drawn are also necessary. This includes the name, branch address, and other relevant information to identify the specific branch or location associated with the transaction.
Signature and Authorisation
A proper signature is crucial for validating the cheque. The signature should be accompanied by the date, indicating when the authorisation was provided. This signature must align with the signing authority provided to the financial institution.
It is important to note that the layout and design of cheques may vary, but the key is to ensure that all the essential information is included and clearly presented to facilitate smooth manual and electronic processing by financial institutions.
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Stopping a cheque payment
There are several reasons why a stop payment order may be requested. For example, the account holder may have sent a cheque for the wrong amount, or they may have cancelled a purchase after having mailed the cheque. A stop payment request can also be made if a cheque has been stolen, in which case, the account holder must report it as soon as they become aware of the theft.
To stop payment on a cheque, you can go to a bank branch or contact the bank by phone and speak to a human representative. You will need to provide specific information about the cheque, including the cheque number, the amount, the recipient's name, and the date on the cheque. It is important to follow up the request in writing. Alternatively, some banks offer the option to make a stop payment request through their online or phone banking services.
It is important to note that issuing a stop payment order may incur a fee, and the request can expire if the cheque is not found by the bank. Additionally, if the cheque has already been cleared by the bank, you will need to contact the recipient of the cheque directly to seek a resolution.
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Cheque clearance time
The time it takes for a cheque to clear varies depending on the bank and the type of account. Generally, it takes around three business days for a cheque to clear in Australia. However, it's important to note that different accounts have different clearing times for funds availability, so the time may vary depending on your specific account.
Cheques deposited through Australia Post can take longer to clear, typically up to 7-10 business days. On the other hand, some cheques may clear overnight or even straight away, especially if deposited at the Post Office and up to a certain amount (for example, anything up to $990).
Additionally, the country in which the cheque was issued can impact the clearing time. For example, the clearing process for a cheque issued in a foreign country can take six to eight weeks to complete.
It's worth noting that there is a distinction between when a cheque clears and when the funds are truly unencumbered. Even after a cheque has cleared, there is a risk of it being fraudulent or dishonoured, resulting in the funds being declined. Therefore, it is advisable to be cautious when spending the money until you are certain that the cheque is legitimate.
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Cheque dishonour
A dishonoured cheque is a cheque that the bank on which it is drawn declines to pay. In Australia, dishonoured cheques are typically returned endorsed with "Refer to drawer", instructing the recipient to contact the issuer of the cheque for an explanation.
There are several reasons why a bank might refuse to honour a cheque, with the most common being non-sufficient funds (NSF). This means that there are insufficient cleared funds in the account to cover the value of the cheque. In this case, the cheque may be referred to as a bad cheque, bounced cheque, rubber cheque, or returned item. If there are funds in the account but they are not yet cleared, the cheque is usually endorsed with "Present again", giving time for the funds to clear.
Other reasons for cheque dishonour include:
- The account holder has instructed the bank not to pay the cheque (a stopped cheque).
- The account holder's funds have been frozen.
- The account does not exist due to a false cheque being presented, an error in the account number, or the account being closed.
- The cheque has expired, is cashed before the date on the cheque, or the date is illegible.
- There is a discrepancy between the amounts written in numbers and words.
- The cheque is illegible due to scribbles, overwriting, or damage.
- The signature on the cheque does not match the signature on file for the account holder or an authorised signatory on the account, or it touches the MICR strip.
- The bank has discretion to dishonour a cheque if paying it would result in the account becoming overdrawn, even if there are sufficient funds.
If a cheque is dishonoured, the bank that declined it must promptly return the cheque to the depositor's bank, which will return it to the depositor. The depositor can then decide whether to re-submit the cheque or proceed with collection activities, civil or criminal. The bank customer may also be charged a dishonour fee.
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Frequently asked questions
Your cheque number can be found on the MICR line of the cheque, along with the customer's account number and the BSB of the financial institution where the account is held.
MICR stands for Magnetic Ink Character Recognition and is typically located at the bottom of a cheque. It includes important information like the cheque serial number, account number, and the financial institution's BSB.
BSB stands for Bank State Branch and is a unique code that identifies the financial institution and the specific branch where the account is held. It is crucial for routing cheque payments to the correct bank and facilitating the transfer of funds between institutions.
In addition to the cheque number, you typically need to provide the account name and number, the date of the cheque, and the name of the payee. If you're reordering a cheque book, you'll need your NAB ID number.
