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check

or

cheque,

bill of exchange (see draftdraft,
in banking, order by one party to another party to pay a stated sum to the person or firm in whose favor the draft is made. It is similar in form to the ordinary bank check. Often the drawer and the drawee of a draft are the same person.
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) drawn upon a bank or trust company or broker connected with a clearinghouse (see clearingclearing,
in banking, the periodic settling of bankers' claims against each other, for which local banks establish clearinghouse associations. Clearinghouses are said to have existed in Florence by A.D. 800.
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). Upon presentation of a check, the bank or other drawee pays cash to the bearer or to a specified person. Payment is made from those funds of the maker or drawer that are in a primary demand deposit account (checking account) with the drawee. The check is intended for prompt presentation, rather than for use as a continuing currency. When the check is presented, the drawee pays the designated sum to the holder and cancels the check, which is then returned to the drawer as his receipt. To prevent fraud, checks are usually of tinted paper and are filled in with ink; the figures may be punched out of the paper or embossed. Many checks also have identifying code numbers that have been printed with magnetically active ink. The numbers enable banks to clear checks mechanically and thereby speed up operations. Whether or not the check will be paid by the bank depends upon its recognition of the drawer's signature and upon the bank's confidence in the person presenting the check for payment. A bank becomes primarily liable for payment only when it "certifies" on a check that the necessary funds are in the bank to the credit of the drawer. However, a bank is usually responsible to its depositor for paying forged checks. All local checks accepted by a bank are turned over daily to a clearinghouse, which cancels checks due from and to all banks of a given neighborhood, the balances alone being paid in cash. Banks settle out-of-town checking claims by means of entries made in the books of the appropriate Federal Reserve banks. Checks were probably used in Italy in the 15th cent. and in Holland in the 16th, from where their use spread to England and the American colonies in the 17th cent. Their rise to first place as a medium of exchange in industrialized nations took place in the 19th cent., their importance varying with differences in banking facilities, the density of population, and commercial activity. About 90% of all transactions in the United States are said to be effected by checks.

Check

 

a monetary document of a standard form wherein the person writing the check orders the issuing agency to pay the indicated sum to the bearer; a type of security.

In the USSR, checks are written on blank forms, as prescribed by the State Bank of the USSR, in accordance with the statute on checks ratified on Nov. 6, 1929, by the Central Executive Committee and the Council of People’s Commissars of the USSR (Collected Laws of the USSR, 1929, no. 73, art. 697). Every check must bear such information as the date and place of issue, the name of the payer, and the account from which payment is to be made. Checks are valid for a period of ten days, not counting the day of issue. In the USSR, only a credit agency (usually a bank) may cash a check, which must always be fully covered by the amount available in the account (either in cash or in the form of a credit account). A bank’s acceptance of a check means that the bank agrees to pay the amount of the check within the stated time limit.

Checks circulating in the economy of the USSR may be payable in cash, or they may be used for noncash transactions between organizations in settling accounts for goods received, services rendered, or work performed. This second category is made up of several types of checks—namely, bank-accepted checks, which are used by the budgetary organizations to settle local, or intracity, accounts for goods and services; checks without bank acceptance, which are used to settle local accounts for goods and services and, in addition, are used by financial bodies for reimbursement of budget revenues; and checks from either limited or unlimited checkbooks, which are used to settle both local and nonlocal accounts for goods and services (particularly the accounts of transport and communication enterprises). Checks are also used in relations involving citizens; for example, payments for municipal services may be made out of depositors’ current accounts in the form of noncash transactions.

The use of checks in the system of international payments is governed by various regulations—specifically, those formulated by the Geneva convention of 1931 on uniform laws for checks; the English Bills of Exchange Act of 1882, which is applied throughout the Commonwealth and in various other countries, such as the USA, Israel, and the Philippines; and the provisions of the Uniform Commercial Code of 1962, which is in effect in the United States and in a number of Latin American countries. The USSR is not a signatory to international checking agreements.


Check

 

in land reclamation, a carefully flattened section of field bounded by earth dams, intended for growing rice by the flooding method (seeSURFACE WATERING). A check is 1–4 hectares in area; a large check is 12–16 hectares in area.

check

[chek]
(computer science)
A test which is necessary to detect a mistake in computer programming or a computer malfunction.
(engineering)
A device attached to something in order to limit the movement, such as a door check.
(materials)
A lengthwise crack in a board.
(metallurgy)
A minute crack occurring in steel that has been cooled too quickly.

check

check, 1
1. A small crack running parallel to the grain in wood and across the rings; usually caused by shrinkage during drying; in veneers, may improve the appearance.
2. A minute crack in steel which has been cooled too abruptly.

check

i. To confirm, as in “check ETA (estimated time of arrival),” “check three greens,” etc.
ii. To examine a pilot for proficiency as in a check flight.
iii. To reduce the rate of descent as in check altitude.
iv. To check in; to report.
v. To carry out a programmed cockpit routine from entering the aircraft to takeoff—cockpit checks, pre-start-up checks, checks while taxiing, and checks before takeoff.
vi. To ascertain the serviceability of aircraft or equipment, as used in preflight checks, postflight checks, etc.
vii. To investigate aircraft for any malfunction as in “check … (equipment) for … unserviceability.”

check

1. 
a. fabric with a pattern of squares or crossed lines
b. (as modifier): a check suit
2. Chess the state or position of a king under direct attack, from which it must be moved or protected by another piece
3. part of the action of a piano that arrests the backward motion of a hammer after it has struck a string and holds it until the key is released
4. a chip or counter used in some card and gambling games
5. Hunting a pause by the hounds in the pursuit of their quarry owing to loss of its scent
6. Angling a ratchet fitted to a fishing reel to check the free running of the line
7. Ice hockey the act of impeding an opponent with one's body or stick
References in periodicals archive ?
Records said the issuing bank [in Asia] reported to Dubai Court that the cheque was faulty.
In his defence, the accused told the court that he had written a blank cheque and handed it over to his partner so that their business could carry on trading while he was away travelling overseas.
The new system adopts world's best practices in regard to automation of cheques clearance, safety and security measures in accordance with Kuwaiti laws.
The Ordinance was necessitated as a Bill to help litigants in cases of bounced cheque was passed by the Lok Sabha earlier this year but it could not go sail through the Rajya Sabha.
It eliminates the actual cheque movement involved in clearing and hence reduces the delays associated with the movements of cheques.
The first cheque (for pounds 400) was written more than three centuries earlier, in 1659.
ENGLISH-ONLY Downpatrick Santander branch HONOURED Cheque in Irish initially refused
Other areas that will be looked into include the costs and benefits of abolishing cheques, progress on the development of alternatives and the Payment Council's decision to close the cheque guarantee scheme this summer.
The use of cheque guarantees has been declining rapidly in recent years.
com/chequesmanagement and allows to freely manage up to five incoming cheques and up to five outgoing cheques.
It is thought that only a quarter of businesses have accepted a cheque backed by a cheque guarantee card during the past six months.
The only way to pay out to our unbanked members is to issue a cheque with an authority to cash at a specified post office.