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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
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.
eStatements
An electronic version of a bank or credit union statement, which is a summary of an individual's account activity and current balance.
Mobile Check Deposit
A feature in a banking app that allows a user to deposit a check into their bank account, typically by taking pictures of the check.