What is account payee crossing?

1) Where a cheque crossed generally bears across its face an addition of the words “account payee” between the two parallel transverse lines constituting the general crossing, the cheque, besides being crossed generally, is said to be crossed “account payee”.

What are the purpose of such crossing?

A cheque with such a crossing can only be paid into an account at that bank. The beneficiary bank can add an additional crossing to allow another bank, who are acting as their agent in collecting payment on cheques, to be paid the cheque on their behalf.

Who has right to crossing a cheque?

For general Crossing- Sec. 126 of the Negotiable Instruments Act states that crossed cheques are usually only paid to a banker. For Special Crossing- A cheque crossed in particular should only be paid to the banker to whom it is crossed or who is a collection agent.

How can I withdraw money from account payee cheque?

Account Payee Cheque Vs Bearer Cheque Therefore, anyone can encash the Bearer Cheque over the counter. But, as aforesaid Account Payee Cheque can not be encashed through the counter. You have to deposit it in your bank. And you will get the amount as credit in your account.

Can a cheque be made with an account payee crossing?

Making a cheque with an account payee crossing does not affect the paying banker in any way as all he has to ensure is that even though the cheque might not be collected by the payee himself, the proceeds of the same are being credited to the payee’s account.

Where do I go to Activate my payee account?

Click the link in the e-mail you receive from PIP to complete the activation process.  The link will bring you to PIP, where you will log in using the case-sensitive User ID and password you established. The final step is clicking “Submit Activation”.

How is an account payee Cheque Endorsement done?

Such endorsement can be done by writing the name of the endorsee on the cheque and signing on the back of the cheque leaf. Bearer Cheque-Every cheque is a bearer cheque unless the word bearer on it is crossed or any other type of crossing is done on it. Such cheques can be encashed over the counter by the person who holds it.

How to activate your payee / vendor account in Pip?

Follow the steps below to activate your payee/vendor account in PIP (Payee Information Portal) If you need more details on any of these steps, see the full Activation Guide starting on page 2. 1. From the PIP home page, click the “Activate” button to begin. 2. Read and accept the “Terms and Conditions” page. 3.