As it is, it is very rudimentary. The assignment is large and this has at best some 1% of it (wouldn't count as a fair effort to solve the problem oneself, IMO).
Those variables are undeclared.
//inputting of checks
cout<<"please enter the name of payee"<<endl;
cout<<"please enter the date the check was written."<<endl;
The rest is more or less completely unimplemented. I suppose you need an array (container) of accounts and another one of checks. Then you go from there.