What is the term for the amount of dollars and cents being paid when written in words?

The term for the amount of dollars and cents being paid when written in words is referred to as "Written Amount." This designation is used to clearly indicate a specific monetary value in legible text, which serves several important functions. Writing out amounts in words helps prevent misunderstandings or alterations in the numerical figures and adds an extra layer of clarity to financial documents, such as checks or contracts. This practice is a standard in financial transactions to ensure accuracy and avoid confusion.

The other terms do not accurately describe this function. "Amount in Full" generally refers to the entirety of a payment due, which can be in either numerical or word form, but does not specifically denote the written format. "Payment Description" refers to a brief explanation of what the payment is for, rather than how it's represented numerically or in words. Lastly, a "Value Statement" typically describes the worth of something in qualitative terms and is not specific to financial amounts. Thus, referring specifically to the written words used to express a monetary value identifies the "Written Amount" as the correct term.