Checks have been in existence since the ancient times with the basic idea of substituting currency. According to the dictionary, a check is a “type of document that requires a bank to pay a specific amount of money from an individual’s account to the person whose name appears on the check being issued.”
You might have experienced working for company and being paid with a check or encountered checks in some other ways before. Feel free to browse through our compiled templates. These Blank Check Templates from our website are also available to suit your specific needs.
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Blank Check Template
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Basic Terms in Handling Checks
It is important to familiarize these terms before using checks for transactions.
- Drawer. The person writing the check or the owner of the bank account in which the money comes from and which signature appears on the check to authorize the payment.
- Drawee. The bank who pays the specified amount to the payee. It is where the drawer should have a checking account in order to issue checks.
- Payee. The person whose name appears on the check and the recipient of the amount of money indicated in the check.
- Bounce. A bounce happens when the drawer indicates an amount of money larger than the amount held in his o her checking account which cannot be processed.
- Check stub. It is a part of a check that is made for record keeping purposes such as a copy of the original check or a history of payments issued. See check stub templates.
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Components of Checks
While there are different kinds of checks and they do not look alike, such as the check register templates on Template.net, they all share these basic parts:
- Drawer line. On the upper-left corner of the check is the name of and contact information of the drawer or the person writing the check as well as the account number and the name of the bank that holds the drawer’s account.
- Payee line. The center of the check features a line which specifies the payee or the recipient of the amount of money. It is usually blank and is filled up by the drawer with the person or organization he or she wishes to pay.
- Courtesy box and amount line. The amount of the check is written in a numerical format at the courtesy or dollar box for convenience, while the amount written in words are specified in the mount line to reduce confusion and avoid fraud.
- Signature and date line. The drawer is required to sign the bottom right-hand corner of the check along with the date in order to authorize the bank to draw the money from the account and pay the recipient.
It is important to understand the different components of checks to ensure that all the needed information are stipulated in the document. If you are the payee, it is also one way to make sure that the check is filled out properly to avoid delay and bounce.