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Canceled Check
A physical check that has been paid by the bank and cannot be used again. It may be returned to the payer with their bank statement.
More Details
A canceled check is a physical check that has been processed by a bank and paid out of the account it was drawn on. When a check is canceled, it is stamped or marked with the word "canceled" to indicate that it has been paid and can no longer be used for payment.
Example
If you wrote a check to rent, and the bank has cleared the funds, the check will be marked as "canceled" by the bank to indicate that it has been processed.
Related Terms
Co-Signer
A person who signs a loan or credit application with the primary borrower, accepting responsibility for the debt if the primary borrower defaults.
Bank Account
A financial account held at a bank or other financial institution where an individual can deposit, withdraw, and manage their money.
ATM
An Automated Teller Machine (ATM) is a machine that allows bank or credit union customers to make deposits, withdrawals, and other transactions.