What is a bounced Cheque?

A bounced Cheque is a Cheque that cannot be granted due to insufficient funds in the payer’s account. It is also known as a rubber Cheque or dishonoured Cheque.

What is the most frequent reason for bounced Cheques?

A bounced Cheque mainly happens when there are insufficient amounts in the bank compared to the amount specified on the Cheque. Due to insufficient funds, Cheques are bounced, which can also lead to heavy penalties and account suspension.

What are some alternatives to Cheque?

You can pay in cash or using digital payment services such as Paypal, Paytm, etc.

Do you get a penalty fee when a Cheque bounces?

Many banks charge overcharge fees or penalties when a payer Cheque bounces. The bank decides the fee and is available in their guidelines.

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“Bounced Check Meaning

“Bounced Check Meaning

Bounced Cheque: Definition, What Happens Next, Fees & Penalties

BFSI / By Varun Saharawat

The bounced cheque is a condition of transaction failure due to which the bank rejects the cheque. Read the article to know the consequences and penalties of bounced cheques.

Home
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BFSI

Home
Courses
Software Development
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- Python
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- Cybersecurity
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