What is the ability of the cheque
Answers
Answer:
A good option, if it is possible, is to have your pay or pension (for example, Ontario Disability Support Program (ODSP) in Ontario) deposited directly into your bank account. The money is immediately available to use and there is no cost to you.
As a last resort, you can use a cash advance store to cash your cheque. These stores will cash your cheque immediately, as long as you have proper identification. It will cost you to use this service. The most common fee is about 3% of the total amount you want cashed. There is also a $3.00 fee per cheque. So, it would cost you $18 to cash a $500 cheque. This might not seem like much. However, if you did this each month for a year it would add up to $216 that you could have used to buy something else.
You will need to sign your cheque on the back in order to cash it. You should never sign it in advance. Once the cheque is signed, it is the same as cash. If it is lost or stolen, anyone can cash it once it is signed. Always sign your name the same way. This will help, if someone steals your cheque and cashes it. If the signature is not the same as you use, it proves that you did not cash it.
It is not recommended that you sign a cheque over to someone else (that is giving a cheque made out to you to someone else to cash). Remember that once it has been signed by you it is the same as cash. If the person loses it or it is stolen, the chances are that the money will be gone.
If you are writing a cheque to cash yourself, do not make the cheque out to “cash”. Instead, make it payable to yourself. That is, put your own name on the “payable to” line.
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