Grade 3 Lesson 3: Checks or Cheques

It is now time to explain different forms of #payments to #kids. By this time, all kids are familiar with the concept of #money in its simplest form, #cash. Today we will explore the concept of a #check or #cheque

A cheque is a document telling a #bank to pay a certain amount of money to someone else. The person who wrote the cheque, the person who received the cheque, and the person who receives the money are three different people. The person who wrote a cheque is the #drawer, the person who receives the cheque (most likely a bank) is the #payee, and the person who gets the money is the #recipient.

Checks are a type of #bank draft. They are used to transfer #funds from one #account to another. When someone writes a check, s/he signs it. This means that the writer promises to pay the #amount specified in the check when it is presented to the recipient. Sometimes, a person writes a blank check. This means that the person doesn't know how much money s/he wants to give away. In this case, the person needs to write down the amount later. A check can be lost or go missing. If it goes missing, the owner of the check might want to contact the bank to see what happened.

-- The #signature on a cheque is the main way to tell if a cheque is real.
-- Cheques need the amount written in words and numbers.
-- Issue dates are needed on cheques. A cheque is invalid if a long time has passed since the issue date.
-- Every cheque has a different cheque number. This is to make sure people can't get money twice from one cheque.

ayu ecosystem #kids #education

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