Negotiable Instruments: Definition Types Examples

Negotiable Instruments: Definition, Types, and Examples A negotiable instrument refers to a written document that guarantees the payment of a specific amount of money to the bearer or the person named on the instrument. These instruments are commonly used in financial transactions and play a crucial role in various banking …

Everything You Need To Know About Checking Accounts

What Is a Checking Account? A checking account is a type of bank account that allows you to deposit and withdraw money on a regular basis. It is a convenient and secure way to manage your day-to-day finances. With a checking account, you can easily pay bills, make purchases, and …

Electronic Check (E-Check) – Definition and How It Works

What is an Electronic Check (E-Check)? Similar to a paper check, an E-check contains all the necessary information to complete a payment, including the recipient’s name, bank account number, routing number, and the payment amount. However, instead of physically signing the check, you authorize the payment using an electronic signature …

Canceled Check Definition and How to Get a Copy

Canceled Check Definition A canceled check is a check that has been processed by a bank and marked as “canceled” or “cleared.” When a check is canceled, it means that the funds have been successfully transferred from the payer’s account to the payee’s account. When a check is deposited into …

Bounced Check: Definition, Consequences, Fees & Penalties

Bounced Check: Definition, Consequences, Fees & Penalties Consequences of a Bounced Check There are several consequences that can result from a bounced check: Penalties and late fees: In addition to the NSF fee, the recipient of the bounced check may also charge penalties and late fees. These fees can add …