Cheque truncation

Cheque truncation is when banks don't need to keep the physical copy of a cheque anymore when you deposit it. Instead, they just take a picture of your cheque and use that to transfer the money to your account. Think of it like taking a picture of your artwork at school and giving a copy to your teacher rather than giving them the original. This helps banks save space and time because they don't need to store all the big paper cheques in their offices anymore. It also helps make the process of depositing a cheque faster, so you can get your money quicker.