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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
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.
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.

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