Understanding how to read a Canadian cheque is crucial for a variety of reasons, including avoiding fraud. However, the difference between an American and a Canadian cheque goes beyond the appearance. Knowing how to read a Canadian check will give you a better idea of how to proceed with a transaction. By following these steps, you can easily understand a Canadian cheque. This information will help you set up Direct Bank Deposit or to understand how to interpret an American cheque.
The first step in learning how to read a Canadian cheque is to learn how to spot the MICR line. The MICR line is the number underneath the MICR line. It tells the bank the number of the transaction. The cheque number is mentioned twice on the cheque. One of them is the account number, which is listed at the top. The other is the check amount. The amount is shown below the address.
A Canadian cheque contains information about the issuer, payee, and account numbers in the top left corner. The pay-to line ends with a numerical amount box, and the longhand amount line follows. On the bottom, there are numbers for the bank and a line for the date. The bottom numbers are not used by consumers. Instead, they are used for electronic payment and direct deposit, and are typically not visible.
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