Definition of Marked check

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TeachMeFinance.com - explain Marked check




historic definition...

Marked check -- Many concerns have a private mark which they put on their checks. This mark is known to the banks where the concerns keep their accounts and its absence from a check is sufficient reason for withholding payment until the concern by which it purports to have been drawn can be communicated with to find out whether the check is genuine. The purpose of the mark is to afford protection against forgery. There is one disadvantage in placing a private mark on a check. If a forger finds out this mark and places it on a forged check the check is more likely to be paid by the bank than if the mark were not used.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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