The First Checks Were Probably Notes Written to a Goldsmith

question 138

True/False

The first checks were probably notes written to a goldsmith asking him to transfer ownership of some designated amount of gold from the writer of the note to its bearer.

---

Definitions:

Check 21 Act

A federal law that allows banks to handle more checks electronically, which speeds up the check clearing process.

Electronic Form

Pertains to information or documents that are created, transmitted, and stored in a digital format.

Fraud Detection

The process of identifying and preventing deceitful practices or dishonesty, especially in financial contexts.

Insufficient Funds

A situation where an account does not have enough money available to cover a transaction.