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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
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.
Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.
Check
A written instrument that directs a bank to pay a specific sum of money to the bearer or named payee.