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What does payable to bearer mean on checks?

Dana Keller

in Student Loans

1 answer

1 answer

Kathy Robinson on May 14, 2019

This means that the money will be paid to the person who is undertaking (carrier) verification. For example: If I owe you Rs. 10,000/ - and give a carrier a check of my bank account with the ICICI Bank, all you have to do is visit your nearest ICICI Bank branch, and then present the check for payment. The bank will ask for your identity proof to verify that you are the payee of the check and if they are satisfied, they will give you the money in cash immediately. You, the person who brings the cheque is considered to be the bearer of the check.

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