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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
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.
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
Pension
A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.