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How all Paper Checks
are IOU's (I Owe You)


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In this episode of Money Creation Explained we are going to cover How all Paper Checks are IOUís (I Owe You).

Before todayís sophisticated payments techniques of credit cards, online transfers, payments apps and the like, there was the simple system of exchanging checks. A check is a paper document used to deliver funds from one person or entity to another. It authorizes a bank or credit union to pull a promised exact amount of money from the specified checking account. In essence the check is a form of an IOU (I Owe You) that allows products and services to exchange hands first and payment come later when the check is deposited or cashed.

Checks are no longer as commonly used as they once were. Many individuals and companies prefer giving and receiving checks for a percentage of their transactions because of the simplicity and safety of them. Modern checks have a few safety features built in but checks can still bounce if enough funds are not present or check fraud can still occur if a check gets into the wrong hands. Different types of checks used in the industry include personal checks, business checks, cashiers checks, and certified checks.

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