Have you ever wondered why banking convention dictates writing "Only" after the written-out dollar amount on a cheque? It might seem like a stylistic choice, but it is actually a vital security feature.
Preventing Fraudulent Alterations
The primary reason for adding the word "Only" is to prevent unauthorized tampering. When you write a cheque, there is often empty space between your written amount and the edge of the line. If that space is left blank, a malicious person could potentially add more words to change the total amount.
For example, if you write "Five hundred dollars" and leave space after it, someone could easily add "and fifty cents" or even turn "Five" into "Fifty-five." Adding the word "Only" creates a clear, definitive end to the statement, leaving no room for additional figures.
Best Practices for Cheque Security
- Use the full line: If there is extra space, draw a horizontal line through it.
- Write clearly: Use permanent ink that cannot be easily erased.
- Be specific: Always ensure the written amount in words exactly matches the numeric amount in the box.