Schwartz Banking Terms

Created by schwartz 

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Terms to review for test.

ATM

A way to take care of your banking needs 24 hours a day.

Bank Reconciliation

The process of making your records agree with the bank statement.

Bank Statement

This is a record of canceled checks, deposits, ATM withdrawals, service charges, and interest.

Blank Endorsement

This type of endorsement requires only a signature.

Cancelled Check

A check that has been paid by the bank.

Demand Deposit

The right to request your money when you want or need it.

Joint Account

Two or more people who have access to an account.

Individual Account

Only one person has access to an account.

Outstanding Checks

Checks that have not been received by the bank.

Restrictive Endorsement

This type of endorsement requires that the check be deposited only as endorsed.

Signature Card

Bank uses this as a comparison tool that you are the person who is writing or cashing a check.

Special Endorsement

Signing over a check to someone else.

1 1/2 inch

Endorsements are to be written within this amount of space.

Sign it

What you should do when you want money back on a deposit slip.

True

You can cash a check if your name is spelled wrong on the "Pay to" line. True or False?

True

A Restrictive endorsement is the safest type of endorsement. True or False?

Credit

Maintaining a checking account correctly can help you establish what?

Void

What you should write on the check if there is a mistake.

Written amount

What the bank goes by if the numerical and written numbers are different.

Check Register

You should fill this out first before writing the check.

hyphen

When writing dollar amounts like 25 or 47 this separates the words.

True

Some reasons why people have a checking account are it is safe, convenient, proof of payment, record of expenses, and to establish credit.

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