Advertisement

Definitions

Data

A check is a type of verification of a process or data.

Finance

A check

[is] [a] written order from one party (payer) to another (payee) requiring the payer's financial institution to pay a specified sum on demand to the payee or to a third party specified by the payee.[1]

(A) means a draft, payable on demand and drawn on or payable through or at an office of a bank, whether or not negotiable, that is handled for forward collection or return, including a substitute check and a travelers check; and (B) does not include a noncash item or an item payable in a medium other than United States dollars.[2]

References

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).
  2. 12 U.S.C. §5002(3)(6).
Community content is available under CC-BY-SA unless otherwise noted.