CHECKBOOK Meaning and
Definition
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A checkbook, also known as a chequebook, is a personal or business financial account register that consists of a bound booklet with blank checks. It serves as a highly essential and conventional tool for managing personal or business finances, enabling individuals or organizations to make payments, track expenditures, and maintain an accurate record of their financial transactions.
Typically issued by banks, a checkbook comprises a series of pre-printed checks, each presenting essential information such as the account owner's name, address, account number, and the bank details. These checks have designated spaces for filling in the payee's name, date, amount, and the signature of the account holder. When writing a check, the individual or business fills in the necessary details and hands it over to the recipient, who then deposits or cashes it at their bank.
A checkbook provides the account holder with a convenient and secure method of payment, as it allows them to conduct transactions with vendors, service providers, or individuals without needing to carry large sums of cash. It also functions as a financial record-keeping device, providing a tangible account of expenditures made by the user. Typically, the checkbook contains carbon copies of the checks for easy reference and record maintenance.
In the digital age, many individuals have transitioned to online banking and electronic payment methods; however, checkbooks continue to be utilized, particularly for certain types of payments or transactions where physical checks are still accepted. While the use of checkbooks has decreased, they remain relevant for those who prefer tangible records of their financial transactions or need to fulfill specific payment requirements.
Common Misspellings for CHECKBOOK
Etymology of CHECKBOOK
The word "checkbook" is a compound word consisting of two parts: "check" and "book".
The term "check" derives from the Middle English word "checque" (or "cheque") which was borrowed from the Old French word "eschequier" meaning "a chessboard". In chess, "check" refers to a direct threat to the opponent's king, which later extended its meaning to indicate any kind of examination or verification. In the financial context, a "check" originally referred to a written order directing a bank to pay a specified sum of money to a person or organization.
The word "book" comes from the Old English word "bōc" or "bóc" which referred to a written or printed work consisting of pages sewn or glued together along one side. Over time, "book" expanded to include various types of written records or documents.
Similar spelling word for CHECKBOOK
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