Kinds of Bank Checks

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What's the Difference between a Check and a Note?

A check is an order on a third person (the bank) to pay a specified sum and is sometimes described as a three-party instrument (the parties being a drawer, a drawee or payor bank, and a payee.) A note is a promise by the maker to pay a specified sum and might be described as a two-party instrument (the parties being a maker and a payee.) Also, the note does not represent the paying out of assets.

Types of Checks 

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Last Modified: 11-14-2014 03:36 PM PST

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