Check - the written, dated and signed tool which contains the unconditional order from a box (also called the payer) which directs bank to pay a certain sum of money to the recipient of payment. Money is delayed from the bank account also known as a current account.
In legal terms check - the bill or the document, guaranteeing a certain quantity of money, where the drawee - bank. Use of checks allows two or more parties to do the monetary transaction, actually without exchanging currency. Instead the sum for which the check is drawn, is replacement for physical currency of the same sum.
When someone draws the check for the sum, more, than the sum which is carried out in his or her current account, check could jump up, meaning that check can't be processed and often is exposed to a penalty fee to a box.
Modern replacements for checks include debit and credit cards, wire transfers and Internet banking.
(Note: Check is written down "check" in some parts of the world.)
While not all checks look like, they usually divide the same key roles. The name (and, often, contact information) a box - the person drawing the check - can be found above check. The name of bank which holds a box account also, appears on check (see Business credit report). The center of check shows the line to define the recipient of payment who is payee and the sum to pay. Check has to be signed with a box which will be considered valid.
Checks can be used in several various purposes. One example - the certified check which checks previously that at an account of a box is enough funds to observe the check sum. In other words, this check as guarantee, won't jump up.
The bank check is guaranteed by banking institution and signed by the cashier of bank that means that the bank is responsible for funds. This type of check often is required in big transactions, such as purchase of the car or the house. Other example - verification of the pay-sheet or a salary which the employer lets out to give compensation to the employee for his or her work. In recent years physical salaries conceded to direct systems of the deposit and other forms of electronic transfer.
Checks were existing in one form or the friend since ancient times. Many people believe that the form of check was used among ancient Romans. While each culture to take the form of checks had an own system, all of them shared the main idea to replace with check with physical currency.
In 1717 the Bank of England was the first organization which will let out previously printed checks. The oldest American checkered dates to the 1790th.
Modern checks as we know them today, became popular in the 20th eyelid. Check that use grew in the 1950th when checkered process became automated, and cars could sort and clear checks. The cash cards at first created in the 1960th were predecessors of today's debit cards. The credit and debit cards - and other forms of electronic payment - saddened since then checks as the dominating means of payment of goods and services, such as the account for utilities. Actually, checks are a little unusual now.
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