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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.
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 13th century in Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver.
Their use subsequently spread to other European countries.
A cheque, or check (American English; see spelling differences), is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held.
Since then cheque usage has fallen, being partly replaced by electronic payment systems.In some countries, such as the US, the payee may endorse the cheque, allowing them to specify a third party to whom it should be paid.Although forms of cheques have been in use since ancient times and at least since the 9th century, it was during the 20th century that cheques became a highly popular non-cash method for making payments and the usage of cheques peaked.Cheques, a type of bill of exchange, then began to evolve.Initially they were called drawn notes, because they enabled a customer to draw on the funds that he or she had in the account with a bank and required immediate payment.