Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Cheque?
Summarize this article for a 10 year old
A cheque or check (American English; see spelling differences) is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay the amount of money stated to the payee.
|Part of a series on
the study of currency
Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or around the early 1990s. Since then cheque usage has fallen, being replaced by electronic payment systems, such as debit cards and credit cards. In an increasing number of countries cheques have either become a marginal payment system or have been completely phased out.
Oops something went wrong: