What are two types of cheques?
Commercial and personal financial transactions utilize various negotiable instruments to facilitate secure payments, broadly categorized into distinct types based on issuance and clearance mechanics. The first type is an open or bearer cheque, which allows the individual holding the physical document to present it directly at a bank counter for immediate cash withdrawal or transfer without requiring complex endorsement protocols. The second type is a crossed cheque, which features two parallel diagonal lines drawn across its face, mandating that the funds cannot be encashed directly over the counter but must instead be deposited safely into a designated bank account, significantly enhancing security and transaction traceability.
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