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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
Digital Wallet
A virtual wallet that allows users to store, manage, and use their payment and banking information securely
Fair and Accurate Credit Transactions Act (FACT Act)
A federal law that aims to protect consumers from identity theft and fraud by providing greater access to and control over their credit information
Check
A written instrument that directs a bank to pay a specific sum of money to the bearer or named payee.