a book issued to holders of checking accounts

Issued by your bank branch in your name - or you and your partner's name if you have a joint account - and used to pay bills or withdraw cash from your current account.

After opening your account you will be provided with a chequebook. You can use your chequebook to withdraw money out of your account by writing a cheque to yourself. However it is easier to use a cash machine to do this. You will mainly use your chequebook to pay for goods/services by writing a cheque out to the company or person that you wish to pay. The amount on the cheque will be debited from your account, 3-5 working days after it has been paid in. Thus when writing cheques, ensure that you bank balance will cover the amount to be paid out. If you write a cheque and do not have the money in your account your cheque will be rejected (bounce) and you will incur extra charges. The payee will also not receive their money, and will require an alternative form of payment.