6 Best Practices for Writing a Cheque In RBC
Although there are many ways of sending money nowadays, like e-transfers, knowing how to write a cheque to RBC (if it's your bank) is essential. Some businesses prefer this means of payment because of its safety and ease to use.
Writing an RBC cheque is straightforward, but you must follow the proper steps to get it right. Once you get your cheque, fill in the date, write the recipient’s details and the amount in numbers and words, and sign it. You can also write the reason for the payment in the memo section, but this is optional.
This article focuses on the steps designated by RBC on how to write a cheque. You will also learn what to do in case of mistakes when filling in the cheque. So let us get straight into it.
How To Write A RBC Cheque
Although writing a cheque is straightforward, you must be keen with the information you fill in. Most banks do not accept dirty cheques; you should ensure there is little to no crossing of the recipient’s details, the amount, or the date of the cheque.
This step-by-step guide will help you.
1. Specify the Date in the Date Section
The date section of the RBC cheque is in the top right corner of the page. Ensure you write the exact date you filled and signed the cheque. That enables the recipient to deposit it right away. If you write a further date, the recipient must wait until the stated date to deposit the cheque.
2. Fill in the Correct Details of the Payee or Recipient
Next, correctly fill in the ‘pay to the order of’ section. You must fill in the accurate information of the recipient to avoid inconveniences. The payee section is on the left corner of the cheque, right under the stamp with your name and information.
If you send the cheque to an individual, you should write their first and last name. If you are paying a bill to a company, ensure you write the correct business name they use for payments. If you don’t have a specific person to cash the cheque, you can write ‘cash’ on the recipient part.
3. Write The Amount in Numbers
How much are you paying the recipient? You must state the amount in numerals next to the dollar sign box. You must also include the cents, which should be in two decimals.
Note that you must fill in this section even if you send less than one dollar. For example, you can write the amount as $0.50. Also, don’t include the cents sign when writing the amount.
4. Translate The Amount in Words
Beneath the recipient, there is a section to fill in the amount you want to send in words. Ensure the amount you write in words is similar to what you wrote in numerals to avoid confusion.
If you’re sending some cents, include them when writing the amount in words. However, you’ll note these as a fraction. For example, if you’re sending $200 and 50 cents, write it as two hundred dollars and 50/100. You can also write it as two hundred dollars and fifty cents.
5. Sign The Cheque
Once you confirm all the details are correct, the last step is signing the cheque. Ensure your signature matches the one you use with your bank. A wrongly written signature can invalidate the cheque, delaying the entire process.
6. Fill In the Memo Section
There’s an option of writing why you are sending the cheque in the memo section. For example, write “rent” if you’re paying your house rent.You can also write ‘school fees’ if you send money to your child’s school. However, filling this section is optional, so you can leave it blank.
What If You Made a Mistake When Filling in The Cheque?
Getting the wrong details for the recipient or the wrong amount of money to send can be frustrating. Although you have an option of crossing the written amount or name, it can leave your cheque looking untidy, causing the payee problems when depositing it.
Banks refuse dirty and canceled cheques since they consider them suspicious. So if mistakes happen when filling in the cheque, void it and write a new one to avoid inconveniences.
How To Void a Cheque
A void cheque is a document individuals give their employer or payroll department to capture their correct payment banking details. Void cheques are safe, as you can’t deposit them.
If you make mistakes when writing a cheque, voiding it will prevent anyone from depositing it. Fraudsters can steal a filled cheque document, deposit it and get money from your account.
To void a cheque, write the word VOID in capital letters. Ensure the word is in big visible letters, and use a permanent ink pen to avoid attempts of fraudsters rubbing the writing.
What To Do After Writing a Cheque
Now that you know how to write a cheque Canada RBC, the next worry might be what to do after filling in the details. First, keep the document safe until you give it to the recipient.
If you misplace or lose the cheque, it could land in the wrong hands, leading to the loss of money. However, once the recipient gets the document, they can deposit it to the bank in person or through mobile.
If you are a recipient and want to deposit a cheque in person, give it to the bank’s teller. They will check if the information on the document is correct and deposit it into your account. Alternatively, you can deposit it at the ATM by selecting the option of depositing a cheque.
Follow your banking app’s instructions if you deposit the cheque using a mobile phone. Check for the option of depositing a cheque, take a clear photo of the front and back of the paper, and confirm the details. Ensure you keep the copy safe until the money reflects in your account.
Before accepting a cheque, confirm that the payer has filled in your details correctly. For example, it should have the correct date, your name, amount, and signature.
Do not accept post-dated cheques or those containing another person’s details because the bank will not cash the money into your account. Also, always record the details of the cheque before depositing it. It helps with references in case the document gets lost.
Will The Cheque Clear Immediately?
The bank’s time to deposit money into your account after depositing a cheque depends on the amount and the depositing method. For example, if you deposit a cheque of less than $100, you will receive the money the next business day after the deposit.
Cheques over $100 might take four to eight days to mature. If you deposit $1500 and below in person, it will take about four days, while depositing through the banking app takes five days for the cheque to mature.
You’ll pay a currency exchange fee if you deposit a cheque in USD instead of Canadian dollars. Unfortunately, banks charge a high conversion fee, meaning you’ll lose some dollars. By constantly exchanging at Knightsbridge FX, you can avoid high currency conversion fees because our rates are favorable.
Knowing how to write a cheque for RBC is as important as how to send money. Although most people prefer the modern means of sending money, some businesses and institutions prefer receiving cheques. Hopefully, this has been helpful in helping ensure that your next cheque goes through without issue.