In this episode of
Money Creation Explained we are going to cover How all Paper
Checks are IOU’s (I Owe You).
Before today’s sophisticated payments techniques of credit
cards, online transfers, payments apps and the like, there
was the simple system of exchanging checks. A check is a
paper document used to deliver funds from one person or
entity to another. It authorizes a bank or credit union to
pull a promised exact amount of money from the specified
checking account. In essence the check is a form of an IOU
(I Owe You) that allows products and services to exchange
hands first and payment come later when the check is
deposited or cashed.
Checks are no longer as commonly used as they once were.
Many individuals and companies prefer giving and receiving
checks for a percentage of their transactions because of the
simplicity and safety of them. Modern checks have a few
safety features built in but checks can still bounce if
enough funds are not present or check fraud can still occur
if a check gets into the wrong hands. Different types of
checks used in the industry include personal checks,
business checks, cashiers checks, and certified checks.
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