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Check
A written instrument that directs a bank to pay a specific sum of money to the bearer or named payee.
More Details
A check is a piece of paper which signifies the transfer of promised money from one party to another.
Example
To pay for your children’s singing lessons, you use a check, fill out the necessary information, sign it, and then hand it to the teacher to either cash or deposit into their own bank account
Related Terms
Personal Banking
A type of banking that provides financial services to individuals, such as checking and savings accounts, loans, and investment management.
Savings Account
A basic account that securely holds funds for an individual while also allowing them to earn interest on the account balance.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.

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