A check is a negotiable instrument that serves as a formal promise to pay a specific amount of money from the issuer’s bank account to the payee. It typically contains details like the payer’s name, the payee’s name, the payment amount both in numbers and words, the date, and the payer’s signature.
Checks facilitate secure transactions and are used for various purposes, including bill payments, salary disbursement, and business transactions.
While electronic payments have become more prevalent, checks remain relevant in certain financial scenarios, providing a widely accepted payment method.
