cheque

Check

A document in which the writer orders his/her bank to pay to the receiver of the check a stated amount of money. For example, Joe may write Andrew a check for $10. In doing so, Joe is signing a document stating that he wishes to give Andrew $10, that it is available in Joe's bank, and Andrew can receive it from there. Andrew can either go to Joe's bank, present the check, and collect $10, or he may go to his own bank to deposit the check into his own account. In that case, Andrew's bank contacts Joe's bank and collects the $10 that way. Checks can be for any amount. See also: Check hold.

cheque

a means of transferring or withdrawing money from a BANK or BUILDING SOCIETY current account. In the former case, the drawer of a cheque creates a written instruction to his bank or building society to transfer funds to some other person's or company's bank or building society account (the ‘payee’). In the latter case, money may be withdrawn in cash by a person or company writing out a cheque payable to themselves. See COMMERCIAL BANK.

cheque

a means of transferring or withdrawing money from a BANK or BUILDING SOCIETY current account. In the former case, the drawer of a cheque creates a written instruction to his or her bank or building society to transfer funds to some other person's or company's bank or building society account (the ‘payee’). In the latter case, money may be withdrawn in cash by a person or company writing out a cheque payable to themselves. Cheques may be ‘open’, in which case they may be used to draw cash, or ‘crossed’ with two parallel lines, in which case they cannot be presented for cash but must be paid into the account of the payee. See COMMERCIAL BANK.