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A Check is basically a negotiable instrument. It instructs a financial institution mostly a bank to pay a specific amount of money to a specified demand account which is in the maker/depositor's name.
There are a number of advantages of using checks over commodity money such as:
- Checks are more secure
- Only the person or entity specified on the check can cash it.
- Is ideal for business payments, when post dated checks are given for services to be rendered or goods to be supplied.
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