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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
Bond
A debt security where an investor loans money to a borrower for interest and the return of the principal. They are low-risk but offer lower returns.
Youth Account
A bank account for young people, with features to help them learn about money management and saving.
Clearing House
An institution that processes financial transactions, such as the exchange of securities, between two parties.