We are occupying a strange time in the financial realm. While many services are moving to an online format, some traditional banking tools are still used regularly. One such example is the personal cheque.
Frequently asked questions
As the majority of us do not use cheques very often, it is common to wonder whether or not our chequebooks expire. The good news is that chequebooks on their own do not expire.
However, once you have written a cheque, it’s important to know that it usually has six months before it turns “stale.” This means that your payee has six months to present it to the bank before it is considered expired.
The cost of a cheque book will depend on your individual bank. The average cost of a cheque book in Canada will be anywhere between $25 on the low end and $70 on the high end.
There will usually be 25 cheques in each individual cheque book, although there will sometimes only be 10. A bank will often issue you multiple cheque books at a time. Check with your individual bank for cheque book particulars.
This is a great question! There’s no doubt that e-transfers forever changed the way we bank from the day they were deployed.
However, while we love the instant nature of e-transfers, they won’t be convenient in every situation.
For example, many banks place limits on how much money you are able to send via e-transfer. A cheque, on the other hand, will not have monetary limits.
In addition, e-transfers are not mandatory. Not everybody uses them, but everyone has the ability to deposit a cheque. Some transactions may also just require the use of a cheque only.