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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
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Share Account
A savings account that represents ownership of a specific amount of money deposited with the credit union and establishes membership in the credit union.
Joint Account
A financial account that is owned by two or more individuals, who have equal access to and control over the funds in the account.