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Check
A written instrument that directs a bank to pay a specific sum of money to the bearer or named payee.
More Details
A check is a piece of paper which signifies the transfer of promised money from one party to another.
Example
To pay for your children’s singing lessons, you use a check, fill out the necessary information, sign it, and then hand it to the teacher to either cash or deposit into their own bank account
Related Terms
Insurance
An agreement in which an individual or entity pays a premium to an insurer in exchange for protection against potential losses or damages.
Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.