Par Crossed Cheques definition

Par Crossed Cheques means cheques issued with MICR codes complying with standards set by the American Bankers Association for clearing cheques in the US, and that are drawn in US dollars on the Customer’s US dollar Accounts listed in the applicable Schedule and bearing the information “payable in United States Currency through Royal Bank of Canada, New York Branch, ▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ – 8098”;
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Examples of Par Crossed Cheques in a sentence

  • Royal Bank is not responsible for any delays or Losses resulting from the use of any Par Crossed Cheques which are not compliant with the foregoing.

  • Par Crossed Cheques may only be issued by the Customer in payment of a direct obligation of the Customer to the Customer’s payees and not in payment of an obligation of another Person.

  • Par Crossed Cheques will comply with Applicable Laws, including Standard 006, Part A of the CPA Rules, NACHA Rules, and the applicable standards and rules of the American Bankers Association.

  • For example, Par Crossed Cheques may not be issued to pay the Customer’s clients’ obligations to their payees or any other Person.