A cheque account may be conducted by an individual or jointly.
It may be used for business reasons by individuals, partnerships,
firms, companies, clubs and societies. It may be used to receive
salaries, pay bills and keep track of general expenses.
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Types
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- Personal cheque account
- commonly used by people who have a regular income
- Joint account
- operated by two people
- Business cheque account
operated for business transactions
- Society Cheque Account:
- accounts for charitable (e.g. Red Cross, Schools) and
- non charitable organisations (e.g. Community stores)
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Features
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- Minimum opening balance is $50
- Overdraft facility is possible subject to normal lending
criteria and fees
- Transaction record is statement based
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Benefits
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- Reduces the need to hold large sums of money
- Cheques are simple and safe
- Convenient way to pay bills
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