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A bill of exchange representing a draft on a bank from deposited funds that pays a certain sum of money to a certain person or party.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved