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A written order instructing a financial institution to pay immediately on demand a specified amount of money from the member's account to the person named on the check or, if a specific person is not named (e.g. written to “Cash”), to whoever bears the check to the institution for payment.
- Browse Related Terms: Asset Management Account, Check (Share Draft), Customer Identification Program (CIP), Debit, Direct Deposit, Electronic bill payment, Electronic Check Conversion, Electronic funds transfer, Electronic Funds Transfer (EFT), Money order, Outstanding check, Preauthorized Payment, Stop payment, Stop Payment Fee, Sweep account