Banking Terms

Cheque Stub: The cheque stub is the remaining counterfoil of a cheque used for recording the details of the cheque paid out, for reference purposes.

Bank Draft: It is a cheque issued by a bank itself on behalf of a customer.

Bank clearing House: This is a place where cheques drawn on each other by different customers are cleared.

Order cheque: It is a cheque payable to the person named or his “order”.

Stopped cheque: These are cheques previously issued but whose payments the drawer has stopped.

NO: This simply means, “Refer to drawer”.  This is normally written on a cheque if the cheque is dishonoured or if the drawer’s attention is required (DAR). 

ATM (Automated Teller Machine): This is a cash teller machine installed by banks at strategic locations within and outside the bank premisesThe premises of a property consist of the land and buildings on it, usually of a business or organization. More to facilitate the withdrawal of money and other minor transactions from an existing bank account.