Difference between revisions of "Check (finances)"
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| − | + | A '''check''' is a slip of paper that requires a bank to pay a person a specifically allotted amount of money from another [[checking account]]. There are several kinds of checks, including personal, bearer, certified, cashier's, and travelers checks.<ref>http://www.ehow.com/list_7174994_different-types-checks_.html</ref> The institution is required to pay the person that specific amount of money in a specific currency. | |
| − | A '''check''' is a slip of paper that requires a bank to pay a person a specifically allotted amount of money from another | + | |
| + | Traditional checks are becoming increasingly rare with the advent of electronic banking. The most common alternative is the [[debit card]], which operates much like a [[credit card]] except that the money is instantly taken from the account (this can cause issues in the event of fraudulent transactions, as banks presume the transaction is genuine and it is difficult to get the money back). | ||
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| + | ==References== | ||
| + | {{reflist}} | ||
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| + | [[Category:Finance]] | ||
Latest revision as of 18:50, May 21, 2024
A check is a slip of paper that requires a bank to pay a person a specifically allotted amount of money from another checking account. There are several kinds of checks, including personal, bearer, certified, cashier's, and travelers checks.[1] The institution is required to pay the person that specific amount of money in a specific currency.
Traditional checks are becoming increasingly rare with the advent of electronic banking. The most common alternative is the debit card, which operates much like a credit card except that the money is instantly taken from the account (this can cause issues in the event of fraudulent transactions, as banks presume the transaction is genuine and it is difficult to get the money back).