Crossed Check
Any check that is crossed with two parallel lines, either across the whole check or through the top left hand corner of the check. This symbol means that the check can only be deposited directly into a bank account and cannot be immediately cashed by a bank or any other credit institution. Investopedia Says:
By using crossed checks, check writers are able to simply but effectively protect the checks they write. Crossed checks are predominantly used in countries accross Europe and Asia, as well as in Mexico and Australia.
Crossed checks are rarely used in the United States - any individual attempting to deposit a crossed check in the U.S. may encounter problems. Related Terms:
Bounced Check
Cashier's Check
Certificate Of Deposit - CD
Certified Check
Check
Letter Of Credit |