Checks are not guaranteed to be cashed, as the payer's account may not have enough money at the time of cashing, and the payer may not know when the payee is going to cash the check. When that happen, payer and/or payee may have to pay bouncing fee or overdraft fee.
So I wonder when checks are preferred over cash, and when cash is preferred over checks, as two payment methods?
- In terms of receiving payments?
- In terms of giving payments?
- Verifying a transaction is completed?
- Record keeping?
- Other sorts of legal standing?