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16 October, 00:30

Canceled checks are negotiable at the bank for the face value. True or false

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  1. 16 October, 03:49
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    The answer is False because when a check is canceled, it means that it has been paid by the drawee bank and already endorsed by the payee and the payee’s bank. They are considered as non-negotiable which the bank cannot take it for it is now only use for documenting a transaction that has already take place. However, canceled checks can be used as proof of payment.
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