Grand Cheques : History, Purpose and Usage

 



Grand Cheques : History, Purpose and Usage 


Grand cheques also known as big cheques are a formal way of congratulating someone who has won money through circumstances outside their normal job or employment. You can have your grand cheque made up for a special occasion or just as a keepsake for something you have accomplished and want to remember forever! It is extremely rare for a bank to cash a grand cheque so most commemorative cheques are personalized or made out to you instead of the recipient.


History of the Grand Cheque:

Grand Cheques are most often used for making a congratulatory statement to someone who has achieved something extraordinary. They are most often used by banks, but may also be used by high schools, universities, publishers, unions, charities and corporations.Grand cheques are frequently confused with the much larger corporate cheques written by the largest companies. This is not a bad thing, as these cheques are often used for cash prizes or large amounts.


Making Your Own Grand Cheque:

A grand cheque may be made from any amount of dollars, and is usually delivered and presented to the recipient along with cash. It can also be made out of photographic paper. Grand cheques which are awarded to people usually have a check register much like regular cheques in order to keep track of the cheques. These cheques typically are made out to be the recipient but can also be made out to someone or to a company as a gift. They are usually given to people that are exceptionally talented in their specific field. In 2009, it was estimated that over a billion dollars were written on grand cheques.


Who Uses Grand Cheques?

Grand cheques are most commonly used by schools, charities, and corporations. They are used to reward or recognize volunteers, employees, staff members, and sports teams for exceptional accomplishments. The banks love grand cheques, as they allow the bank the opportunity to make money by charging fees for cashing, endorsing, and encoding the cheques. Because these cheques are usually quite large, the fees are usually quite substantial.







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