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A check is a draft upon an account that is used to instruct a bank or other financial institution to transfer funds from the payor’s account (the person who has the account and signs the check) to the payee’s account. There are different types of checks: certified checks, cashier’s checks and paychecks.

See also: instrument and promissory note.

[Last updated in July of 2021 by the Wex Definitions Team]