From Longman Business Dictionary
dishonourdis·hon·our /dɪsˈɒnə-ˈɑːnər/ British EnglishBrE, dishonor American EnglishAmE verb [transitiveT]1BANKINGif a bank dishonours a cheque, it refuses to pay out money for it, usually because the person who has written it does not have enough money in their accountThe law is that people who obtain goods by presenting a cheque which they know will be dishonoured are not guilty of theft.
2FINANCE if someone dishonours a BILL OF EXCHANGE, they do not accept it when it is presented, or do not pay it after they have accepted it