Colorful History of Personal Checks

58 HISTORY OF PERSONAL CHECKS Early Years 3rd Century A.D The Persian Empire used letters of credit known as CHAK. Chack No. 9th Century Muslim traders used a version of a check or SAKK system. Knights Templar introduced another version of checks used by Christian pilgrims taking journeys to the Holy Land or across Europe. Between 1118-1307 RNAM 13th In Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver. Century Late 1500s It's widely accepted that Holland became the first nation to use checks as a payment method in addition to a way of transferring funds. Modern Era The first American to use checks was a 1681 businessman who mortgaged land to a fund and wrote checks against it. 17th Century Bills of exchange were being used for domestic payments in England. The word "check" also may have originated in England when serial numbers were placed on these pieces of paper as a way to keep track of, or "check" on, them. Jósy The Bank of England pioneered the first use of a pre-printed form. These forms were printed on "checks paper" to prevent fraud, and customers had to attend in person and Londen e Marh 1767 1717 n Guina for at of obtain a numbered form from the cashier. The cheque is in The Royal Bank of Scotland Group's archive. Although the date written on the cheque reads 16 February 1659, its date is actually 16 February 1660 by today's calendar. This is because of the switch from the Julian to the Gregorian calendar and the fact that until 1751 the legal year in England Began on 25 March rather than 1 January. 2. 196 Until about 1770, an informal exchange of checks took place between London banks. rBaner 1770 In 1811, the Commercial Bank of Scotland, it is thought, was the first bank to personalize its customers' checks Chinburgh, . 1811 1830 The Bank of England introduced books of 50, 100, and 200 forms and counterparts, bound or stitched. Late 19th Several countries formalized laws regarding checks. Century SIGN An attempt was made to simplify the international use of checks by the Geneva Convention on the Unification of the Law 1931 Treaties: Treaties Concluded in 1931, Treaties Entered Into Force in 1931, Geneva Convention 1931 Relating to Checks Books LLC The MICR code was developed in the United States. Magnetic ink character recognition lets banks and credit unions read routing and account numbers using special machines. 6 = L = Jm 1959 MICR 6 Magnetic Strength Electrical Signal Conok No 1963 MICR codes were widely used almost :1234 56 7890: 123456 7890" universally around the U.S. Cheque Card Checks guarantee cards were introduced in several countries, allowing a retailer to confirm that a check would be honored when €30 National Westminster Group aTCT AN 1969 ATONAL PROvwALA inature SPECIMEN used at a point of sale. Cede er Card e Enaires last de af Late 20th Century Checks were the most popular non-cash method for making payments, with billions of them processed each year. Many countries enacted laws to allow for checks truncation, in which a physical check is converted into electronic form Mid r Faintme Mng. 1990s Oane De for transmission to the paying bank or clearing-house. -fymnit A JONES and SON Limited ON EPAEET PADEFOW Anyman Central Bank Germany and some other European countries phased out the use of checks altogether when the Eurocheque system, which they had used as their domestic check-clearing system, ceased on 1 January 2002. 2002 euro euro euro Lawmakers in Washington D.C. passed legislation known as Check 21 (Check Clearing Act for the 21st Century). The law allows merchants and financial institutions 2004 SUBSTITUTE Check 21 Check Truncation Act to create digital versions of personal checks called substitute checks. Mobile banking has become a very attractive option when it comes to purchasing goods and paying ills. People can use their cell phones to make financial transactions. Quite a few banks have created programs for smart phones allowing their customers to deposit checks from virtually anywhere. 2010-11 Resources: http://en.wikipedia.org/wiki/Checks http://www.articlerich.com/Article/A-Brief-History-of-Personal-Checks/1088641 http://www.infoplease.com/ipa/A0001522.html http://www.chequeandcredit.co.uk/files/candc/press/04_cheques_&_cheque_clearing -_an_historical_perspective_v11_%28may11%29.pdf http://www.federalreserve.gov/pubs/check21/consumer_guide.htm Infographic by: THE BRADFORD EXCHANGE CHECKS QUALITY AND ARTISTRY IN A NAME You CAN TRUST email: [email protected] 58 HISTORY OF PERSONAL CHECKS Early Years 3rd Century A.D The Persian Empire used letters of credit known as CHAK. Chack No. 9th Century Muslim traders used a version of a check or SAKK system. Knights Templar introduced another version of checks used by Christian pilgrims taking journeys to the Holy Land or across Europe. Between 1118-1307 RNAM 13th In Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver. Century Late 1500s It's widely accepted that Holland became the first nation to use checks as a payment method in addition to a way of transferring funds. Modern Era The first American to use checks was a 1681 businessman who mortgaged land to a fund and wrote checks against it. 17th Century Bills of exchange were being used for domestic payments in England. The word "check" also may have originated in England when serial numbers were placed on these pieces of paper as a way to keep track of, or "check" on, them. Jósy The Bank of England pioneered the first use of a pre-printed form. These forms were printed on "checks paper" to prevent fraud, and customers had to attend in person and Londen e Marh 1767 1717 n Guina for at of obtain a numbered form from the cashier. The cheque is in The Royal Bank of Scotland Group's archive. Although the date written on the cheque reads 16 February 1659, its date is actually 16 February 1660 by today's calendar. This is because of the switch from the Julian to the Gregorian calendar and the fact that until 1751 the legal year in England Began on 25 March rather than 1 January. 2. 196 Until about 1770, an informal exchange of checks took place between London banks. rBaner 1770 In 1811, the Commercial Bank of Scotland, it is thought, was the first bank to personalize its customers' checks Chinburgh, . 1811 1830 The Bank of England introduced books of 50, 100, and 200 forms and counterparts, bound or stitched. Late 19th Several countries formalized laws regarding checks. Century SIGN An attempt was made to simplify the international use of checks by the Geneva Convention on the Unification of the Law 1931 Treaties: Treaties Concluded in 1931, Treaties Entered Into Force in 1931, Geneva Convention 1931 Relating to Checks Books LLC The MICR code was developed in the United States. Magnetic ink character recognition lets banks and credit unions read routing and account numbers using special machines. 6 = L = Jm 1959 MICR 6 Magnetic Strength Electrical Signal Conok No 1963 MICR codes were widely used almost :1234 56 7890: 123456 7890" universally around the U.S. Cheque Card Checks guarantee cards were introduced in several countries, allowing a retailer to confirm that a check would be honored when €30 National Westminster Group aTCT AN 1969 ATONAL PROvwALA inature SPECIMEN used at a point of sale. Cede er Card e Enaires last de af Late 20th Century Checks were the most popular non-cash method for making payments, with billions of them processed each year. Many countries enacted laws to allow for checks truncation, in which a physical check is converted into electronic form Mid r Faintme Mng. 1990s Oane De for transmission to the paying bank or clearing-house. -fymnit A JONES and SON Limited ON EPAEET PADEFOW Anyman Central Bank Germany and some other European countries phased out the use of checks altogether when the Eurocheque system, which they had used as their domestic check-clearing system, ceased on 1 January 2002. 2002 euro euro euro Lawmakers in Washington D.C. passed legislation known as Check 21 (Check Clearing Act for the 21st Century). The law allows merchants and financial institutions 2004 SUBSTITUTE Check 21 Check Truncation Act to create digital versions of personal checks called substitute checks. Mobile banking has become a very attractive option when it comes to purchasing goods and paying ills. People can use their cell phones to make financial transactions. Quite a few banks have created programs for smart phones allowing their customers to deposit checks from virtually anywhere. 2010-11 Resources: http://en.wikipedia.org/wiki/Checks http://www.articlerich.com/Article/A-Brief-History-of-Personal-Checks/1088641 http://www.infoplease.com/ipa/A0001522.html http://www.chequeandcredit.co.uk/files/candc/press/04_cheques_&_cheque_clearing -_an_historical_perspective_v11_%28may11%29.pdf http://www.federalreserve.gov/pubs/check21/consumer_guide.htm Infographic by: THE BRADFORD EXCHANGE CHECKS QUALITY AND ARTISTRY IN A NAME You CAN TRUST email: [email protected] 58 HISTORY OF PERSONAL CHECKS Early Years 3rd Century A.D The Persian Empire used letters of credit known as CHAK. Chack No. 9th Century Muslim traders used a version of a check or SAKK system. Knights Templar introduced another version of checks used by Christian pilgrims taking journeys to the Holy Land or across Europe. Between 1118-1307 RNAM 13th In Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver. Century Late 1500s It's widely accepted that Holland became the first nation to use checks as a payment method in addition to a way of transferring funds. Modern Era The first American to use checks was a 1681 businessman who mortgaged land to a fund and wrote checks against it. 17th Century Bills of exchange were being used for domestic payments in England. The word "check" also may have originated in England when serial numbers were placed on these pieces of paper as a way to keep track of, or "check" on, them. Jósy The Bank of England pioneered the first use of a pre-printed form. These forms were printed on "checks paper" to prevent fraud, and customers had to attend in person and Londen e Marh 1767 1717 n Guina for at of obtain a numbered form from the cashier. The cheque is in The Royal Bank of Scotland Group's archive. Although the date written on the cheque reads 16 February 1659, its date is actually 16 February 1660 by today's calendar. This is because of the switch from the Julian to the Gregorian calendar and the fact that until 1751 the legal year in England Began on 25 March rather than 1 January. 2. 196 Until about 1770, an informal exchange of checks took place between London banks. rBaner 1770 In 1811, the Commercial Bank of Scotland, it is thought, was the first bank to personalize its customers' checks Chinburgh, . 1811 1830 The Bank of England introduced books of 50, 100, and 200 forms and counterparts, bound or stitched. Late 19th Several countries formalized laws regarding checks. Century SIGN An attempt was made to simplify the international use of checks by the Geneva Convention on the Unification of the Law 1931 Treaties: Treaties Concluded in 1931, Treaties Entered Into Force in 1931, Geneva Convention 1931 Relating to Checks Books LLC The MICR code was developed in the United States. Magnetic ink character recognition lets banks and credit unions read routing and account numbers using special machines. 6 = L = Jm 1959 MICR 6 Magnetic Strength Electrical Signal Conok No 1963 MICR codes were widely used almost :1234 56 7890: 123456 7890" universally around the U.S. Cheque Card Checks guarantee cards were introduced in several countries, allowing a retailer to confirm that a check would be honored when €30 National Westminster Group aTCT AN 1969 ATONAL PROvwALA inature SPECIMEN used at a point of sale. Cede er Card e Enaires last de af Late 20th Century Checks were the most popular non-cash method for making payments, with billions of them processed each year. Many countries enacted laws to allow for checks truncation, in which a physical check is converted into electronic form Mid r Faintme Mng. 1990s Oane De for transmission to the paying bank or clearing-house. -fymnit A JONES and SON Limited ON EPAEET PADEFOW Anyman Central Bank Germany and some other European countries phased out the use of checks altogether when the Eurocheque system, which they had used as their domestic check-clearing system, ceased on 1 January 2002. 2002 euro euro euro Lawmakers in Washington D.C. passed legislation known as Check 21 (Check Clearing Act for the 21st Century). The law allows merchants and financial institutions 2004 SUBSTITUTE Check 21 Check Truncation Act to create digital versions of personal checks called substitute checks. Mobile banking has become a very attractive option when it comes to purchasing goods and paying ills. People can use their cell phones to make financial transactions. Quite a few banks have created programs for smart phones allowing their customers to deposit checks from virtually anywhere. 2010-11 Resources: http://en.wikipedia.org/wiki/Checks http://www.articlerich.com/Article/A-Brief-History-of-Personal-Checks/1088641 http://www.infoplease.com/ipa/A0001522.html http://www.chequeandcredit.co.uk/files/candc/press/04_cheques_&_cheque_clearing -_an_historical_perspective_v11_%28may11%29.pdf http://www.federalreserve.gov/pubs/check21/consumer_guide.htm Infographic by: THE BRADFORD EXCHANGE CHECKS QUALITY AND ARTISTRY IN A NAME You CAN TRUST email: [email protected] 58 HISTORY OF PERSONAL CHECKS Early Years 3rd Century A.D The Persian Empire used letters of credit known as CHAK. Chack No. 9th Century Muslim traders used a version of a check or SAKK system. Knights Templar introduced another version of checks used by Christian pilgrims taking journeys to the Holy Land or across Europe. Between 1118-1307 RNAM 13th In Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver. Century Late 1500s It's widely accepted that Holland became the first nation to use checks as a payment method in addition to a way of transferring funds. Modern Era The first American to use checks was a 1681 businessman who mortgaged land to a fund and wrote checks against it. 17th Century Bills of exchange were being used for domestic payments in England. The word "check" also may have originated in England when serial numbers were placed on these pieces of paper as a way to keep track of, or "check" on, them. Jósy The Bank of England pioneered the first use of a pre-printed form. These forms were printed on "checks paper" to prevent fraud, and customers had to attend in person and Londen e Marh 1767 1717 n Guina for at of obtain a numbered form from the cashier. The cheque is in The Royal Bank of Scotland Group's archive. Although the date written on the cheque reads 16 February 1659, its date is actually 16 February 1660 by today's calendar. This is because of the switch from the Julian to the Gregorian calendar and the fact that until 1751 the legal year in England Began on 25 March rather than 1 January. 2. 196 Until about 1770, an informal exchange of checks took place between London banks. rBaner 1770 In 1811, the Commercial Bank of Scotland, it is thought, was the first bank to personalize its customers' checks Chinburgh, . 1811 1830 The Bank of England introduced books of 50, 100, and 200 forms and counterparts, bound or stitched. Late 19th Several countries formalized laws regarding checks. Century SIGN An attempt was made to simplify the international use of checks by the Geneva Convention on the Unification of the Law 1931 Treaties: Treaties Concluded in 1931, Treaties Entered Into Force in 1931, Geneva Convention 1931 Relating to Checks Books LLC The MICR code was developed in the United States. Magnetic ink character recognition lets banks and credit unions read routing and account numbers using special machines. 6 = L = Jm 1959 MICR 6 Magnetic Strength Electrical Signal Conok No 1963 MICR codes were widely used almost :1234 56 7890: 123456 7890" universally around the U.S. Cheque Card Checks guarantee cards were introduced in several countries, allowing a retailer to confirm that a check would be honored when €30 National Westminster Group aTCT AN 1969 ATONAL PROvwALA inature SPECIMEN used at a point of sale. Cede er Card e Enaires last de af Late 20th Century Checks were the most popular non-cash method for making payments, with billions of them processed each year. Many countries enacted laws to allow for checks truncation, in which a physical check is converted into electronic form Mid r Faintme Mng. 1990s Oane De for transmission to the paying bank or clearing-house. -fymnit A JONES and SON Limited ON EPAEET PADEFOW Anyman Central Bank Germany and some other European countries phased out the use of checks altogether when the Eurocheque system, which they had used as their domestic check-clearing system, ceased on 1 January 2002. 2002 euro euro euro Lawmakers in Washington D.C. passed legislation known as Check 21 (Check Clearing Act for the 21st Century). The law allows merchants and financial institutions 2004 SUBSTITUTE Check 21 Check Truncation Act to create digital versions of personal checks called substitute checks. Mobile banking has become a very attractive option when it comes to purchasing goods and paying ills. People can use their cell phones to make financial transactions. Quite a few banks have created programs for smart phones allowing their customers to deposit checks from virtually anywhere. 2010-11 Resources: http://en.wikipedia.org/wiki/Checks http://www.articlerich.com/Article/A-Brief-History-of-Personal-Checks/1088641 http://www.infoplease.com/ipa/A0001522.html http://www.chequeandcredit.co.uk/files/candc/press/04_cheques_&_cheque_clearing -_an_historical_perspective_v11_%28may11%29.pdf http://www.federalreserve.gov/pubs/check21/consumer_guide.htm Infographic by: THE BRADFORD EXCHANGE CHECKS QUALITY AND ARTISTRY IN A NAME You CAN TRUST email: [email protected] 58 HISTORY OF PERSONAL CHECKS Early Years 3rd Century A.D The Persian Empire used letters of credit known as CHAK. Chack No. 9th Century Muslim traders used a version of a check or SAKK system. Knights Templar introduced another version of checks used by Christian pilgrims taking journeys to the Holy Land or across Europe. Between 1118-1307 RNAM 13th In Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver. Century Late 1500s It's widely accepted that Holland became the first nation to use checks as a payment method in addition to a way of transferring funds. Modern Era The first American to use checks was a 1681 businessman who mortgaged land to a fund and wrote checks against it. 17th Century Bills of exchange were being used for domestic payments in England. The word "check" also may have originated in England when serial numbers were placed on these pieces of paper as a way to keep track of, or "check" on, them. Jósy The Bank of England pioneered the first use of a pre-printed form. These forms were printed on "checks paper" to prevent fraud, and customers had to attend in person and Londen e Marh 1767 1717 n Guina for at of obtain a numbered form from the cashier. The cheque is in The Royal Bank of Scotland Group's archive. Although the date written on the cheque reads 16 February 1659, its date is actually 16 February 1660 by today's calendar. This is because of the switch from the Julian to the Gregorian calendar and the fact that until 1751 the legal year in England Began on 25 March rather than 1 January. 2. 196 Until about 1770, an informal exchange of checks took place between London banks. rBaner 1770 In 1811, the Commercial Bank of Scotland, it is thought, was the first bank to personalize its customers' checks Chinburgh, . 1811 1830 The Bank of England introduced books of 50, 100, and 200 forms and counterparts, bound or stitched. Late 19th Several countries formalized laws regarding checks. Century SIGN An attempt was made to simplify the international use of checks by the Geneva Convention on the Unification of the Law 1931 Treaties: Treaties Concluded in 1931, Treaties Entered Into Force in 1931, Geneva Convention 1931 Relating to Checks Books LLC The MICR code was developed in the United States. Magnetic ink character recognition lets banks and credit unions read routing and account numbers using special machines. 6 = L = Jm 1959 MICR 6 Magnetic Strength Electrical Signal Conok No 1963 MICR codes were widely used almost :1234 56 7890: 123456 7890" universally around the U.S. Cheque Card Checks guarantee cards were introduced in several countries, allowing a retailer to confirm that a check would be honored when €30 National Westminster Group aTCT AN 1969 ATONAL PROvwALA inature SPECIMEN used at a point of sale. Cede er Card e Enaires last de af Late 20th Century Checks were the most popular non-cash method for making payments, with billions of them processed each year. Many countries enacted laws to allow for checks truncation, in which a physical check is converted into electronic form Mid r Faintme Mng. 1990s Oane De for transmission to the paying bank or clearing-house. -fymnit A JONES and SON Limited ON EPAEET PADEFOW Anyman Central Bank Germany and some other European countries phased out the use of checks altogether when the Eurocheque system, which they had used as their domestic check-clearing system, ceased on 1 January 2002. 2002 euro euro euro Lawmakers in Washington D.C. passed legislation known as Check 21 (Check Clearing Act for the 21st Century). The law allows merchants and financial institutions 2004 SUBSTITUTE Check 21 Check Truncation Act to create digital versions of personal checks called substitute checks. Mobile banking has become a very attractive option when it comes to purchasing goods and paying ills. People can use their cell phones to make financial transactions. Quite a few banks have created programs for smart phones allowing their customers to deposit checks from virtually anywhere. 2010-11 Resources: http://en.wikipedia.org/wiki/Checks http://www.articlerich.com/Article/A-Brief-History-of-Personal-Checks/1088641 http://www.infoplease.com/ipa/A0001522.html http://www.chequeandcredit.co.uk/files/candc/press/04_cheques_&_cheque_clearing -_an_historical_perspective_v11_%28may11%29.pdf http://www.federalreserve.gov/pubs/check21/consumer_guide.htm Infographic by: THE BRADFORD EXCHANGE CHECKS QUALITY AND ARTISTRY IN A NAME You CAN TRUST email: [email protected]