Posted 19 Feb, 2020 | Finance
What are alternatives to cancelled bank cheque?Add Answer
You are generally asked to submit a cancelled cheque mainly for the purpose of validating your bank account details.
- You may make a mistake while furnishing your bank account details while applying for a service.Hence, to be sure that a bank account is yours, service providers need a proof that shows that an account belongs to you. A cancelled cheque serves this purpose.What are other alternatives available to cancelled cheque?In case if you don’t have a cheque book or don’t want to provide a cancelled cheque while availing a service, then you can opt for other alternatives.Have a look:
Many people don’t want to provide anyone even a cancelled cheque considering that there have been instances of frauds concerning them in the past. But when a cancelled cheque is cancelled, it contains no monetary value at all.Another way to avoid it being misused is not signing on it as it can’t be used to receive or send money to anyone.You can now ask your service providers about the submission of the discussed documents other than a cancelled cheque as all they want it to validate your bank details.We hope that this answer resolved your query!
- You can provide a photocopy of the first page of your Passbook.
- You can also provide your service providers with a copy of the account statement.
- Other than these two valid documents, many organisations even accept a cheque’s photocopy.
- You can also submit a self-attested letter confirming your bank account details such as IFSC Code, MICR Code, bank name, account number and others.