Definition of Crossed check:
Check marked with two parallel lines drawn diagonally across its face (usually on the upper left-hand corner) with or without the words &Co. or not negotiable between the lines. A crossed check can only be deposited in a bank-account and (unlike a bearer check) cannot be cashed over a banks counter.
Predominantly used in Mexico, Australia, and several European and Asian countries, crossed checks signal specific instructions to a financial institution regarding how the funds may be handled. Most commonly, crossed checks ensure that a bank strictly deposits the funds into an actual bank account.
A crossed check is any check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check. This double-line notation signifies that the check may only be deposited directly into a bank account. Therefore, such checks cannot be immediately cashed by a bank or by any other credit institution.
How to use Crossed check in a sentence?
- Crossing a check provides specific instructions to a financial institution regarding how the funds can be handled.
- Crossed checks are predominantly used in countries across Europe and Asia, as well as Mexico and Australia.
- A crossed check is a check that is crossed with two parallel lines, either through the top left-hand corner of the check or horizontally across the whole check.
Meaning of Crossed check & Crossed check Definition