Definition

A quaint paper promise that your bank will give someone else your money—essentially an outdated IOu that's somehow still legally binding and somehow still used by your grandmother and your accountant. It's like cryptocurrency, but worse and with worse security.

Example Usage

He still paid the plumber with a cheque, which the plumber had to physically take to a bank because this is apparently still 2003.

Source: Oxford Dictionary

Related Terms

Intermediate

refinancing

The process of replacing old debt with new debt, hopefully with better terms and lower interest rates, but sometimes just rearranging deck chairs on the Titanic. It's when you get a new loan to pay off existing loans, ideally saving money but definitely generating fees for banks. Homeowners do it to lower mortgage payments; companies do it to extend runway.

💰 Finance / Accounting
Advanced

notional value

The total value of a leveraged position's assets, as opposed to the actual cash you put up, which is usually much less. It's the difference between owning a $100,000 house and the $20,000 you put down.

💰 Finance / Accounting
Intermediate

devaluation

What happens when your currency suddenly becomes the financial equivalent of a participation trophy—intentionally tanking its worth relative to other money or precious metals to try and make your exports look fancy. Spoiler: everyone notices.

💰 Finance / Accounting
Advanced

non-performing asset

Banking euphemism for a loan that's gone bad and isn't generating income anymore, like a car that won't start but you still owe payments on. It's the financial equivalent of politely calling a disaster a "challenge."

💰 Finance / Accounting
Intermediate

receivable

Money that someone owes you but hasn't paid yet, living in that optimistic space between "they said they'd pay" and "we're calling the lawyers." It's an asset on paper because theoretically you'll collect it, but in practice it's IOU notes from varying degrees of reliable sources. Also known as "accounts receivable" when accountants want to sound official.

💰 Finance / Accounting
Intermediate

pledge

A solemn promise with actual consequences, ranging from fraternity hazing rituals to legal guarantees securing debt repayment. In finance, it's collateral you offer up to convince someone you're good for the money; in Greek life, it's the person who hasn't earned their letters yet and does all the grunt work. Either way, someone's on the hook for something.

💰 Finance / Accounting

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See “cheque” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

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