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A cheque ( British English) or check ( American English ); is a document that orders a bank, building society (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a ...
Certified check. A certified check (or certified cheque) is a form of check for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the check is cashed or returned by the payee. Thus, a ...
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
A dishonoured cheque (also spelled check) is a cheque that the bank on which it is drawn declines to pay (“honour”). There are a number of reasons why a bank might refuse to honour a cheque, with non-sufficient funds ( NSF) being the most common one, indicating that there are insufficient cleared funds in the account on which the cheque was ...
Cashier's check. A cashier's check (or cashier's cheque, cashier's order, official check) is a check guaranteed by a bank, drawn on the bank's own funds and signed by a bank employee. [1] Cashier's checks are treated as guaranteed funds because the bank, rather than the purchaser, is both the drawee and drawer and is responsible for paying the ...
Cheque vs Check vs Document Note that while IBM referred to the 3890 as a Document Processor, it is also referred to as both a cheque sorter or a check sorter. In countries like Australia, and the United Kingdom, a bill of exchange drawn on a bank payable on demand is a "cheque", [7] while in the US this is referred to as a "check".
t. e. A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account or bank account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access ...
Cheque truncation ( check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.