Canceled Check
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Definition of 'Canceled Check'A check that has cleared the depositor's account and has been marked as "canceled" by the bank. A canceled check has been paid by the drawee bank and endorsed by the payee, the payee's bank, and the Federal Reserve Bank. Canceled checks can also be used as proof of payment. |
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Investopedia explains 'Canceled Check'In the past, canceled checks used to be returned to the bank account holder each month with their monthly statement. That is now rare, and most check writers receive scanned copies of their canceled checks while the banks keep the physical copies for safekeeping. Customers that utilize online banking can also access copies of their canceled checks via the web.A canceled check, like any other financial information, should be safeguarded and stored in a safe place as it contains your bank account and routing number. These two numbers together could be used by identity thieves to gain access to the funds in your checking account. |
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