kite
verb [ I or T ]
BANKING, LAW US informal uk/kaɪt/ usto illegally write a cheque on one account, which does not contain enough money to pay it, and deposit it another, taking the money from the second before it is discovered that the cheque is bad:
He was indicted for kiting checks at United Bank.
The broker was jailed for a kiting scheme.
to use stolen cheques:
Anybody who knows that people are kiting cheques invoices should resign.
Compare
check kiting
kite
noun [ C ]
BANKING, LAW US informal uk/kaɪt/ usan illegal act of using cheques that have been kited to obtain money:
The kite can go on for weeks before one of the accounts goes into overdraft when the checks are returned.
a cheque that has been kited