Specifying the financial quantity on a monetary instrument requires each numerical and written varieties to make sure accuracy and forestall fraudulent alterations. As an illustration, when the quantity is $50.00, the numerical field ought to clearly show “50.00,” and the corresponding line ought to learn “Fifty and 00/100”. This twin illustration serves as a safeguard.
This apply, whereas seemingly easy, performs a vital function in banking safety. The written kind is mostly thought-about the definitive worth, overriding the numerical determine in case of discrepancy. This gives safety towards unintentional errors or deliberate makes an attempt to vary the indicated sum. Traditionally, requiring each varieties considerably lowered situations of examine fraud and maintained the integrity of monetary transactions.
