Which statement regarding cheques is INCORRECT?
A)Cheques were once the principal form of payment order.
B)The cheque verification process means that funds are not credited to the depositor's account for several days.
C)Cheques are authorised by the drawer's signature.
D)Cheques are a written instruction.
E)Cheque payments can be dishonoured.

Question

Quizplus · Accepted Answer

The cheque verification process can take several days, but once the cheque is verified, the funds are typically credited to the depositor's account. Therefore, funds are not held up for several days after verification.

Which Statement Regarding Cheques Is INCORRECT