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| A '''check''' or '''cheque''' is a ] instructing a ] to pay a specific amount of a specific ] from a specific ] held in the issuer's name with that institution |
A '''check''' or '''cheque''' is a ] instructing a ] to pay a specific amount of a specific ] from a specific ] held in the issuer's name with that institution. Both the issuer and payee may be ]s or ]. | ||
| When a party has a bank hold the funds for the amount of a check and guarantee funds will be available for the check to clear, it is referred to as a '']''. | When a party has a bank hold the funds for the amount of a check and guarantee funds will be available for the check to clear, it is referred to as a '']''. | ||
Revision as of 03:02, 14 April 2004
A check or cheque is a document instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the issuer's name with that institution. Both the issuer and payee may be individuals or commercial entities.
When a party has a bank hold the funds for the amount of a check and guarantee funds will be available for the check to clear, it is referred to as a certified check.
When a check is designed to allow the person signing it to make an unconditional payment to someone else as a result of paying the account holder for that privilege, it is referred to as a traveller's check. As traveller's checks can usually be replaced if lost or stolen, they are often used by people on vacation in place of cash. The use of credit cards has, however, rendered them less important than they previously were; there are few places that do not accept credit cards but do traveller's cheques – in fact, nowadays, many places do not accept the latter.
A check sold by a post office or merchant such as a grocery for payment by a third party for a customer is referred to as a money order.
A check issued by a bank on its own account for a customer for payment to a third party is called a cashier's check or a treasurer's check. Banks often sell money orders and traveller's checks are usually purchased from banks.
An order check – the most common form in the United States – is payable only to the named payee or his or her endorsee. A bearer check is payable to anyone who is in possession of the document, although checks are often crossed a/c payee to restrict payment to the payee.
In games such as chess, shogi and xiangqi, a check is an immediate threat to capture the king. A king so threatened is said to be in check. Either the threat must be stopped (by interposing a piece between the threatening piece and the king) or the king must be moved to a space where he is no longer in check. In chess, if the king is in check and the threat cannot be stopped by interposing a piece, and the king cannot be moved without placing him back into check at the new location (or the king cannot be moved), the king is said to be checkmated and the game is over.
In poker, a check is declining the option to bet, usually indicated by a vocal utterance or tap on the table.
File:Check mark 63x38.jpg A dipper-shaped mark, often in a square, is called a check or a check mark in American English. The British name for this is a tick. The same is true of the verb; although check mark is not used in this sense, simply to mark is. Sometimes, off is added to the verb, thus check off, tick off or mark off.
