Answer: Checks are instructions to transfer funds from one person's checking account to another person's checking account. Checks are not money, but the checking account deposits that the check transfers are money.
No. When someone writes a check and then another person deposits it, the balance in his bank will increase. The transaction has transferred money, but the check was never the money; it only instructs the bank to transfer the money.
Answer:
ReplyDeleteChecks are instructions to transfer funds from one person's checking account to another person's checking account. Checks are not money, but the checking account deposits that the check transfers are money.
No. When someone writes a check and then another person deposits it, the balance in his bank will increase. The transaction has transferred money, but the check was never the money; it only instructs the bank to transfer the money.
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