check

check

[chek]
check or cheque, bill of exchange (see draft) drawn upon a bank or trust company or broker connected with a clearinghouse (see clearing). Upon presentation of a check, the bank or other drawee pays cash to the bearer or to a specified person. Payment is made from those funds of the maker or drawer that are in a primary demand deposit account (checking account) with the drawee. The check is intended for prompt presentation, rather than for use as a continuing currency. When the check is presented, the drawee pays the designated sum to the holder and cancels the check, which is then returned to the drawer as his receipt. To prevent fraud, checks are usually of tinted paper and are filled in with ink; the figures may be punched out of the paper or embossed. Many checks also have identifying code numbers that have been printed with magnetically active ink. The numbers enable banks to clear checks mechanically and thereby speed up operations. Whether or not the check will be paid by the bank depends upon its recognition of the drawer's signature and upon the bank's confidence in the person presenting the check for payment. A bank becomes primarily liable for payment only when it "certifies" on a check that the necessary funds are in the bank to the credit of the drawer. However, a bank is usually responsible to its depositor for paying forged checks. All local checks accepted by a bank are turned over daily to a clearinghouse, which cancels checks due from and to all banks of a given neighborhood, the balances alone being paid in cash. Banks settle out-of-town checking claims by means of entries made in the books of the appropriate Federal Reserve banks. Checks were probably used in Italy in the 15th cent. and in Holland in the 16th, from where their use spread to England and the American colonies in the 17th cent. Their rise to first place as a medium of exchange in industrialized nations took place in the 19th cent., their importance varying with differences in banking facilities, the density of population, and commercial activity. About 90% of all transactions in the United States are said to be effected by checks.

Bill of exchange drawn on a bank and payable on demand. Checks have become the chief form of money in the domestic commerce of developed countries. As a written order to pay money, a check may be transferred from one person to another by endorsement. Most checks are not paid in currency but by the debiting and crediting of bank deposits. There are several special forms of checks. A cashier's check is issued by a bank and has unquestioned acceptability, as does a certified check, which is a depositor's check that has been guaranteed by a bank. Traveler's checks are cashier's checks sold to travelers, which must be signed twice by the payee, once when the check is issued and once when it is cashed; reimbursement is guaranteed if they are lost or stolen.

Learn more about check with a free trial on Britannica.com.

A check-raise in poker is a common deceptive play in which a player checks early in a betting round, hoping someone else will open. The player who checked then raises in the same round.

This might be done, for example, when the first player believes that an opponent has an inferior hand and will not call a direct bet, but that he may attempt to bluff, allowing the first player to win more money than he would by betting straightforwardly. The key point is that if no one else is keen to bet, then the most a player can raise (in a limit game) by is one single bet. If someone else bets first, he can raise, therefore increasing the value of the pot by two bets. In a no-limit game, there is no restriction to the size of one's bet and a raise is likely to be much larger than the second player's bet. Of course, if no other player chooses to open, the betting will be checked around and the play will fail.

While it can be an important part of one's poker strategy, this play is not allowed by a house rule in some home games and certain small-stakes casino games. It is also frequently not allowed in the game of California lowball.

Check-raises can also be used as an intimidation technique over the course of a game; a player who has frequently been check-raised may be less likely to attempt to steal the pot.

Not all players agree that a check-raise is an especially effective play, however. In Super/System, poker legend Doyle Brunson claims to check-raise very rarely in no-limit hold 'em; he contends that it is more profitable to simply bet a quality hand, regardless of whether his opponent will try to bluff. His reasoning for this is twofold: Firstly, a failed check-raise gives other players the chance to see free cards that may improve their hand, and secondly, it makes it obvious to other players that you potentially have a very strong hand. The latter, however, may be used as a strong bluff technique, although the opponent could put in a reraise to scare off a bluff.

See also

Search another word or see checkon Dictionary | Thesaurus |Spanish
Copyright © 2014 Dictionary.com, LLC. All rights reserved.
  • Please Login or Sign Up to use the Recent Searches feature