At least it probably did back in 1936. Batter-upcollectibles has a very nice check from Babe Ruth for sale that ends today. It's authenticated by JSA:
Babe Ruth Check 1936
I like how it has his name as "Babe Ruth" over on the left side. Looks like he signed it G.H. Ruth. I guess they probably would have accepted it even if he had signed it as "Babe", although it probably would have been much easier if he had his Visa Check Card with him, as Tiki Barber now knows. Back to the check, it's made out to the NY Lodge for $8.80. I'm guessing that $8.80 probably financed quite a few drinks and cigars for Mr. Ruth!