Personal Finance

Crossed cheques?

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  • Dec 10th, 2014 8:08 am
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Deal Fanatic
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Sep 13, 2003
9923 posts
1665 upvotes

Crossed cheques?

Does anyone do this? Was reading another thread, and had no idea this existed. Has anyone had problems depositing cheques in Canada that are crossed cheques?

http://www.canada.com/vancouversun/news ... 005261c439

If someone is a small business owner, what are some ways to write on the cheque so the recipient doesn't cash the cheque twice or use money mart?
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6 replies
Penalty Box
Dec 27, 2013
8003 posts
4050 upvotes
Toronto
well if you read the article, it stops cheques being deposited at money mart/etc. apparently...
Deal Fanatic
User avatar
Apr 1, 2001
6830 posts
1257 upvotes
No idea this existed. If I'm reading the article correctly, at first glance or to an unknowing recipient, a "crossed" cheque would seem like its been voided!
Jr. Member
Jul 20, 2013
196 posts
22 upvotes
They say that writing "For deposit only to the account of payee" on the back or front of the cheque is just as good as crossing cheques as it seems in Canada...
Deal Expert
User avatar
Feb 24, 2008
15587 posts
7026 upvotes
Gatineau
I can see now that by crossing any cheque can prevent it from being accepted at places such as Money Mart, but how does Crossing a cheque prevent it from being deposited twice (i.e., with a bank's electronic deposit feature in a smartphone app, and then again at an ATM)?

djino
Member
Jul 30, 2013
238 posts
118 upvotes
Toronto
Arrow wrote: No idea this existed. If I'm reading the article correctly, at first glance or to an unknowing recipient, a "crossed" cheque would seem like its been voided!
This is exactly what I thought.

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