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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
Checking Account
A type of bank account that allows the owner to deposit, withdraw, and manage their money using checks, debit cards, and electronic banking services.
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.
Certified Check
A check that has been certified by the bank as having sufficient funds to cover the full amount, with the bank guaranteeing payment.