What is a check?

A check is a security that contains the order of the person who wrote it (the drawer) to a third party (the paying bank). According to this document, the bank must make a payment of the specified amount to the check holder. A bill of exchange is the progenitor of a check, which, in fact, is also a bill, but addressed to a special payer - banker and written on a special form. The idea of ​​creating a check came to bankers and money changers, because they had to work with a narrow circle of clients. So the merchants who used the services of one banker agreed among themselves not to pay mutual debts in cash. Instead, they were going to accept, in payment of debts, orders addressed to a banker to issue a certain amount to the counterparty’s account or from their account. Over time, communication between cities has accelerated, and with it it became possible to use transfer checks. They were orders for payment not to the address of the servicing banker, but to one of them, which at the moment can help. It was necessary to specify the accountfrom which it is necessary to write off the funds and the servicing banker. With the emergence of identity documents at the end of the seventeenth century, it became possible to carry out supplementary operations by persons not belonging to trading groups. Checks were used for settlements from deposits, for which the depositor and the bank entered into an agreement to pay debts of the first, writing off the sums from his deposit on the checks presented. In this formcheckssuccessfully used today. Electronic and plastic money in the form of debit and credit cards are nothing more than checkbooks. Of themcheckswritten out in their own favor, and their use is associated with the use of modern computing and electronic equipment.


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