Checkwriting

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Checkwriting

Free checkwriting privileges offered with nonretirement accounts for select mutual funds.

Checkwriting

The act or process of writing a check. When one writes a check, one makes an order to one's bank to transfer funds to another account, perhaps at a different bank. To write a check, one must indicate who the payee is by writing his/her/its name. One must also date the check and sign it. Generally, one also writes the amount of the payment (in both numbers and words) unless one is writing a blank check. Under most circumstances, one gives the check to the payee, who then deposits it into his/her bank account. At this point the check clearing process begins.