Definition of Outstanding check:
An outstanding check represents a liability for the payor. The payor must be sure to keep enough money in the account to cover the amount of the outstanding check until it is cashed, which could take weeks or sometimes even months.
Check written and delivered to its drawee but not yet presented at the payee bank for payment or, if presented, still in the banks check clearing cycle.
An outstanding check is a check payment that is written by someone, but has not been cashed or deposited by the payee. The payor is the entity who writes the check, while the payee is the person or institution to whom it is written. An outstanding check also refers to a check that has been presented to the bank but is still in the bank’s check-clearing cycle.
How to use Outstanding check in a sentence?
- Checks that are outstanding for a long period of time are known as stale or unclear checks.
- I thought I had more money in my checking account, because when I balanced my checkbook, I didnt take into account the outstanding check that hadnt cleared the bank yet.
- An outstanding check is a financial instrument that has not yet been cashed or deposited by the payee.
- You may be holding an outstanding check for a long time and you will need to contact the person that wrote it.
- Checks that remain outstanding for long periods of time cannot be cashed as they become void.
- An outstanding check it is still a liability for the payor. .
- No, YOU listen to ME! Shrieking Sandy screamed, Im not paying you another dime of royalties until you deposit those 4 months of outstanding check s!.
Meaning of Outstanding check & Outstanding check Definition