Chapter 23 Banking Services and Procedures

15 terms by AlphonseMaeda 

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UNIT 5 FINANCIAL AND PRACTICE MANAGEMENT

disclaimer

A denial of responsibility; a denial of a legal claim.

drawee

A bank or facility on which a check is drawn or written.

drawer

The person who writes a check.

e-banking

Electronic banking via computer modem or over the Internet.

endorser

The person who signs his or her name on the back of a check for teh purpose of transferring title to another person.

holder

The person who presents a check for payment.

maker

Any individual, corporation,or legal party who signs a check or any type of negotiable instrument.

m-banking

Banking through the use of mobile devices, such as cell phones and wireless Internet services.

negotiable

Legally transferable to another party.

payee

The person named on a draft or check as the recipient of the amount shown.

payer

The person who writes a check in favor of the payee.

power of attorney

A legal statement in which a person authorizes another person to act as his or her attorney or agent. The authority may be limited to the handling of specific procedures. The person authorized to act as the agent is known as the attorney in fact.

principal

A capital sum of money due as a debt or used as a fund for which interest is either charged or paid.

reconciliation

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Uniform Commercial Code (UCC)

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