What is the purpose of post dating a check Chat little teen italy

Posted by / 11-Oct-2020 15:09

What is the purpose of post dating a check

The suppression of banknotes in eighteenth-century England further promoted the use of cheques.

Until about 1770, an informal exchange of cheques took place between London banks.

In the early 1500s in the Dutch Republic, to protect large accumulations of cash, people began depositing their money with "cashiers". Competition drove cashiers to offer additional services including paying money to any person bearing a written order from a depositor to do so. This concept went on to spread to England and elsewhere.

In 1830 the Bank of England introduced books of 50, 100, and 200 forms and counterparts, bound or stitched.Paper money evolved from promissory notes, another form of negotiable instrument similar to cheques in that they were originally a written order to pay the given amount to whoever had it in their possession (the "bearer").A cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution.Etymological dictionaries attribute the financial meaning to come from "a check against forgery", with the use of "check" to mean "control" stemming from a check in chess, a term which came into English through French, Latin, Arabic and ultimately from the Persian word shah, or "king".The cheque had its origins in the ancient banking system, in which bankers would issue orders at the request of their customers, to pay money to identified payees.

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