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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
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
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.