check kiting

check kiting
check kiting ˈcheck ˌkiting noun [uncountable] LAW BANKING
when someone illegally obtains credit from one of their bank accounts by paying in a cheque from another account, taking money out against this cheque and using it for a few days before having to repay the original amount

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check kiting UK US US (UK cheque kiting) noun [U]
BANKING, LAW used in the US to describe the illegal act of putting money into a bank account using a cheque from another account that does not have enough money in it to cover the cheque, and then taking the money out of the first account: »

He was convicted of check kiting and sent to prison.

»

a massive check-kiting scheme


Financial and business terms. 2012.

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Look at other dictionaries:

  • Check kiting — is the illegal act of taking advantage of the float to make use of non existent funds in a checking or other bank account; it is a form of check fraud. It is commonly defined as intentionally writing a check for a value greater than the account… …   Wikipedia

  • check kiting — n. A scam in which an individual deposits worthless checks in different banks and uses his or her good credit to withdraw funds before the checks clear, attempting to deposit the money into the account on which the check is drawn before the… …   Law dictionary

  • check–kiting — check–kit·ing / chek ˌkī tiŋ/ n: the practice of drawing on uncollected funds during the time needed to clear a check deposited in a bank esp. if the check is worthless – called also kiting; ◇ Check kiting typically works this way: a check drawn… …   Law dictionary

  • check kiting — Practice of writing a check against a bank account where funds are insufficient to cover it and hoping that before it is deposited the necessary funds will have been deposited. First State Bank & Trust Co. of Edinburg v. George, Tex.Civ.App., 519 …   Black's law dictionary

  • check kiting — Practice of writing a check against a bank account where funds are insufficient to cover it and hoping that before it is deposited the necessary funds will have been deposited. First State Bank & Trust Co. of Edinburg v. George, Tex.Civ.App., 519 …   Black's law dictionary

  • kiting — kit·ing / kī tiŋ/ n: check kiting Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. kiting …   Law dictionary

  • Kiting (MMORPG term) — Kiting is a term encountered in MMORPGs such as EverQuest , The Lord of the Rings Online or World of Warcraft referring to a popular method of killing mobs (monsters) by staying at a distance, using ranged attacks, and running whenever the enemy… …   Wikipedia

  • check — n 1: something that limits or restrains see also checks and balances 2: a written order signed by its maker directing a bank to pay a specified sum to a named person or to that person s order on demand see also negotiable instrument compa …   Law dictionary

  • Kiting — can refer to: * In sports, a common slang term for kite flying or sometimes refers to Kitesurfing. * In investing, a form of check fraud called check kiting. * In MMORPGs, a tactical move using long range attacks, see: Kiting (MMORPG term). *… …   Wikipedia

  • kiting — Used in banking to refer to the practice of depositing and drawing checks at two or more banks and taking advantage of the time it takes for the second bank to collect funds from the first bank. Bloomberg Financial Dictionary Also refers to… …   Financial and business terms

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