Stale dating definition

These cheque books became a common format for the distribution of cheques to bank customers.In the late 19th century, several countries formalized laws regarding cheques.

Daily cheque clearing began around 1770 when the bank clerks met at the Five Bells, a tavern in Lombard Street in the City of London, to exchange all their cheques in one place and settle the balances in cash. In America, the Bank of New York, after its establishment by Alexander Hamilton in 1784, began issuing cheques.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.Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money.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").

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