Show A HL I 1 PIECE OF PAPER n the bank check and how hom it performs performa many different services for business american americans are the greatest users of bank checks la in the world ia less than elebe pr per cent ot of all business la in the united state states Is conducted with money or to put it another way more tuan nine out ot of tea ten tran trans action aro are conducted with cum com mercial instruments of which one of the moot important ie Is the check the use of the check boa has become sul RI la in america because it la to oe 0 the yet moat most effi em os dent font business devices ever invent td d the bank transactions of mr smith the storekeeper illustrate in a general way war those of all other business V people 0 p 19 storekeeper smith smiths customer customers pay him for the goods aoda he lella sells to them both with cash and checks at the end of the Us day be he counts op up the proceed proceeds of the days day business and finds his ale sale bare have amounted to say 1500 what bat doe does he do with Ms this money moneet lie owe owes a large part of it to thi other business concerns from which he purchased at wholesale whole aale the rood goods be la Is selling soma of heso these companies are in to mr Smi smith town iown and others are located at dome ome distance from M L even email business would bt a clumsy eom com and tin e wasting aff affair 2 I 1 r unless it were for the facil facility 1 ty of the bank check when a check la Is ireful mr smith could ply pay his bills by sending cash by mall mail bit but this method of payment would be ran a wise because of the danger of the boing being lost in transit again be he might 1 go ao out and buy express or postal money orders for the amount amounts due but to do this regu barly would require a great deal of his time and would involve need lees less expense besides nest des a money or der does only half halt the work a bank check does although it Is in real ity a kind of a check drawn by the express company or by the post dofice tn in favor of some person or firm it li Is not le ie turned to mr smith after it has been cachet but goes back to the express company or to the post office that issued it it ou on the other hand a cas cashed aed check after it comes back to the bank and ie Is cancelled Is returned to mr smith U who ho can keep I 1 t t a c apt lpt as in been proof of the act fact that his U 1 1 11 1 b has been paid more tran this in order to hl a accurate curate record mr air wants to have one account la in which all hta his receipt receipts can be entered and ott ota of ot which all payment payments cai cal bo made he lie therefore adopt adopts the course that most other busin business ma man and women follow he lie take takes his hi to the bank where it Is ii safely kept and can be drawn upon u needed the teller enter enters tie t e amount la 11 a email small pass pa book which to 1 a record of deposits de the paea pass book is I 1 aued 1 in mr smith s came and Is I 1 handed to him together with a supply of blank check checks mr smith ie is now ready to pay hie his bills by checks up to a total of ISOO A complete record ilia ills check will be received at any bank where the indorsement endorsement Indor of the person to whom it Is made payable velch la is written or stamped on the back of the cableck la 13 krown to iw bo genuine the bank receiving the check will either pay or c cedlo edit it to the payee and then send it on to the bank in which mr smith depo deposit alth ris money where the amount will be deducted from his hi COO balance the check after be b inc properly cancelled will be b re tuned tu tip ned to him at the end of tha the morth he will then bare have a complete record showing that be he defaulted deposited COO that be he drew draw checks of at say to pay some of ht bills that he has a balance left of ISSO 80 and that his bills hare have been duly duty paid as shown by the can celled called checks bilth ft ith the indorse m t ants upon them the bank will pay all ilecki presented to it bearin bearl nit mr smith a s signature as etsch on his sign signature aturo card in any sums covered by tho the mount amount of his bank balan balance cf which tie he continually by depos depas its and decreases by checks driven 1 h account process of making deposits ind issuing checks continues day after day both oth the depositor ad and bank bep ing ing their own records millions of such transactions are handled everyday by the banks and trust companies of the united states in one year more than two hundred and fifty billions of dol lars ars in checks have passed through the new york clearing house alone payments of these tast vast sums are made without the use of or any actual money A wonderful system has been built up by he use of the small slip of paper wa w call the bank check the check Is 1 essential to the business and con com mercial life of the present da day |