This is an English institution with a branch in New York city and agencies in other cities. This bank sells to its customers a book of checks, each of which can be filled up only to a limited amount, as shown by printed and perforated notices appearing on the blank. For imstance for £100 one can buy a check-book containing fifty blank checks each good, when properly filled up, for £2. Each of these checks is really a certified check, only it is certified in advance of issue. Its payment is guaranteed by the bank rather than by the maker. Any of the thousand or more foreign banks which are agents for the Cheque Bank, sell these check-books and cash the checks when presented.

The Bank of England is a bankers' bank in the sense that it holds reserves of other banks, and makes those final payments of cash which close the general balance of transactions. The Cheque Bank is a bankers' bank in the opposite sense of making deposits in all other banks and employing them as agents.

Although the checks are issued for limited amounts they may be drawn for any amount within the maximum value. The amounts that may be short drawn, go toward the cost of a new check-book, or may be returned in cash. A form of claim for the short-drawn balances is provided on the cover of each check-book. Check-books are made up to suit the customers' convenience, and may be had either with checks all of the same denomination or of assorted values. Paid checks are returned when request for them is made.

All checks are issued crossed and payable to order. This requires the indorsement of the persons to whom the checks are paid, and the further security that checks can only be cleared by passing through the hands of a banker.

A peculiar feature of the Cheque Bank is that it entirely abstains from using,or even holding, the money deposited in payment of check-books. This money is left to draw interest and to meet demands, in the hands of the bankers through whom the check-books are issued.

These checks are being used largely by travelers instead of letters of credit. The American and other express companies have a form of check which is very similar and which is used largely by Americans traveling in Europe. Some banks also issue "traveler's checks."