Quizlet Ch.17 Intro to Bus Key Terms (MA)

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  1. bank reconciliation: the document created to show how the two balances (your own record of your checking account and the bank's record of your account) were brought into agreement
  2. bank statement: a report on the status of a bank account
  3. check register: seperate book, usually the same size as the checkbook, for recording account activities
  4. check stub: a form attached to the check by a perforated line
  5. commercial bank: the most common way for a bank to be organized..offer checking accounts, provide savings accounts, make loans to individual and to businesses, and offer other services.
  6. credit union: a user-owned, not-for-profit, cooperative financial institution
  7. debit card (cash card): a card used for ATM transactions. It is issued by your bank. You are using money that is in your account
  8. deposit slip: a form that lists all items your are depositing--currency, coins, or checks
  9. drawee: the bank or other institution that pays the check
  10. endorsement: written evidence that you received payment or that you transferred your right of receiving payment to someone else
  11. Federal Deposit Insurance Corporation (FDIC): the federal agency that helps to regulate banks and other financial institutions.
  12. Federal Reserve System (Fed): to supervise and regulate member banks and to help banks serve the public efficiently.
  13. outstanding checks: checksthat have not been deducted from the bank statement balance
  14. payee: is the person to whom the check is written
  15. safe-deposit box: well-guarded vaults for storage of valuables offered by banks.
  16. service charge: the fee a bank charges for handling a checking account
  17. stop payment order: a written notice that tells the bank not to pay a certain check
  18. substitute check: a digital reproduction of the original paper check