Trade · 6 pages · 12 min
Why a check is an instruction to a bank
A check tells the drawer's bank to pay a named person from that account, and the paper is not cash.
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From the opening
A check is a written order from the person who signs it, telling their bank to pay a stated sum to the payee. The paper itself is not money sitting in the sheet, and the funds stay in the account until the bank honors the order. The opening covers written order on an account, funds move only when paid, and a return means the order failed.
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Inside
- Written order on an account
- Funds move only when paid
- A return means the order failed
- The paper is not coin
- Where the idea stops applying
- A distinction worth keeping
Sources
- Negotiable check as a draft
- Bank collection and presentment