Such a cheque will bounce up and down (3)

I believe the answer is:

dud

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'up and down' is the definition.

I don't understand the rest of the clue.

(Other definitions for dud that I've seen before include "Ineffectual person" , "Forged" , "Failing in its function" , "Explosive not detonating" , "Fake -- failure" .)

I've seen this clue in The Globe and Mail.

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