The difference is quite a simple one as an open cheque is a cheque which is payable at the counter of the person's nominated drawee bank on presentation of the cheque. Yet on the other hand, a crossed cheque is 'account payee only', which means that it can only be deposited into the account of the person that is particularly named on the cheque.
It is these two types of cheque that are usually regarded by banks today. However after 2015 in the UK most cheques will be phased out as the growing surge of credit cards and online banking to make payments and pay bills is growing more and more in today's society.
There is even something currently called contactless payments which enables you the opportunity to use your mobile phone to make payments on anything from tickets to travel and motor insurance. As we are now living in a fast paced society, the payments are becoming even more rapid. In this way the means to how we pay for things should be just as quick and cheques are becoming a thing of the past due to the slowness of payments which in normal bank accounts take anything up to five working days.
It is these two types of cheque that are usually regarded by banks today. However after 2015 in the UK most cheques will be phased out as the growing surge of credit cards and online banking to make payments and pay bills is growing more and more in today's society.
There is even something currently called contactless payments which enables you the opportunity to use your mobile phone to make payments on anything from tickets to travel and motor insurance. As we are now living in a fast paced society, the payments are becoming even more rapid. In this way the means to how we pay for things should be just as quick and cheques are becoming a thing of the past due to the slowness of payments which in normal bank accounts take anything up to five working days.
