Cheque

Definition

  • A blank form that is used as a written order directing a bank or banker to pay money as therein stated. Cheques can be personalized or non-personalized.

Notes
Bank account transaction code.

Synonyms
written order, instructions to pay, form, promise of payment, note

Acronyms
CK

Alternate Spellings
check

Related Terms and Acronyms

  • Blank Cheque Definition,
    • A cheque that does not have a dollar amount written on it.
  • Certified Cheque (CC) Acronym,
    • A cheque that a bank guarantees will clear.
    Bank account transaction code.
  • Cheque Book Definition,
    • A book with blank cheques. The cheques may be personalized or non-personalized.
  • Cheque Clearing Definition,
    • When you write a cheque to a person or a company, the cheque is typically cashed when deposited into a bank account. Your chequing account is then debited for the amount of the cheque and the cheque is said to have "cleared."
  • Cheque Hold Definition,
    • The length of time that a financial institution can legally hold a cheque before crediting a customer's account balance and allowing the customer to use the funds.
  • Cheque Register Definition,
    • A book or log where you can record the details of every transaction made in your chequing account.
  • Cheques Returned with Statement Definition,
    • Cheques that are cancelled are returned to the account holder in a monthly statement.
  • Chequing Account Definition,
    • A bank account that allows quick access to the money in the account.
  • Debit Definition,
    • Another name for withdrawal of funds from your account.
  • E-cheque Definition,
    • An electronic version of a paper cheque. The account holder writes an e-cheque using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-cheques are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-cheques are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-cheque, receives credit, and the payee's bank clears the e-cheque to the paying bank. The paying bank validates the e-cheque and then charges the cheque writer's account.
  • Endorse Definition,
    • To sign the back of a cheque in order to cash it.
  • Foreign Exchange (FX, F/X, FOREX, FE) Acronym,
    • Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
    Bank account transaction code.
  • Insufficient Funds (ISF) Acronym,
    • When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
  • Letter of Credit (L/C) Acronym,
    • A letter authorizing a person or company to draw on a bank or stating that the bank will honour the credit up to the stated amount.
  • Passbook Definition,
    • A book used to record all banking transactions for a designated account.
  • Payee Definition,
    • The name of the person to whom the money in a cheque is to go.
  • Payor Definition,
    • One who makes a payment to another party.
  • Personalized Cheque Definition,
    • A cheque which has your name and account number printed on it.
  • Settlement Points Definition,
    • Regional collection points in the clearing and settlement system operated by the Canadian Payments Association. Settlement points forward each bank's regional balance to the Bank of Canada in Ottawa at the end of each day to allow the central bank to adjust the banks' balances with the central bank.
  • Travellers' Cheques Definition,
    • These are a safe way to carry large amounts of money if you are going on a trip. They are considered to be the same as cash, but can be replaced if they are lost or stolen. You can buy them at your bank for a small fee. If you have a special service package, you may not have to pay this fee.
  • Void Cheque Definition,
    • A check with the word "VOID" written on the face that cannot be cashed.
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