Posted On: Mar 18, 2020
A canceled cheque has strike marks on it with the word "canceled" written on it. Canceling a cheque makes it impossible for anyone to misuse it. That is, no one can withdraw money using the canceled cheque. A canceled cheque is also used as a proof that you have an account with the bank. It is used to verify your account when investing in mutual funds or the stock market. It is also used when purchasing an insurance policy or creating an electronic clearance service.
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