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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.
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.
Authorization
The process of verifying that a person has the right to use a particular credit or debit card for a transaction to protect against fraud.

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