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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
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
Mobile Payments
A way of making transactions using a mobile device, such as a smartphone or tablet, often made using a mobile payment or banking app.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.