Final answer:
The period of time from when a payor puts a check in the mail to the availability of the funds in the payee's bank is known as the check float.
Step-by-step explanation:
The period of time from when a payor puts a check in the mail to the availability of the funds in the payee's bank is known as the check float.
During this period, the money is considered in transit and not yet available to the payee for use. The length of the check float can vary depending on factors such as the distance between the payor and payee, the type of mail service used, and the processing time of the banks involved.
For example, if a payor puts a check in the mail on Monday and it takes three days for the check to reach the payee's bank, the check float would be three days.