 | Term | Definition |
| |
Federal Reserve System(FED) |
to supervise and regulate member banks and to help banks serve the piblic efficiently. |
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Commercial Banks |
The most common way for a bank to be organized. |
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Credit Union |
A user-owned notfor-profit cooperative financial institution. |
| |
Federal Deposit Insurance Corporation |
The Federal agency that helps to regulate banks and others financial institutions. |
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Safe-deposit box |
For store age of valuables.ex.Jewelry,rare coins,Birth records. |
| |
Service Charge |
A fee a bank chargesfor handiling a checking account. |
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Debit Card |
Used for ATM transactions. |
| |
Endorsement |
Is written evidence that you received payment or that your transferred your right of receiving payment to someone else. |
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Check Register |
Ia a separate book, usually the same size as the checkbook. |
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Stop Payment Order |
A written notice that tells the bank not to pay a certain check. |
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Bank Statement |
A report on the status of your account usually Monthly. |
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Bank Reconciliation |
A document created to show how the two balances were brought innto agreement. |
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Outstanding Checks |
Checks that have not been deducted from the banks statement balance. |
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Reconciling the bank balance |
Bringing the balances into agreement. |
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Substitute Check |
A digital reproduction of the original paper check. |
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Check Stub |
A Form attached to the check by a perforated. |
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Drawee |
The bank or other financial institution that pays the check. |
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Payee |
The person to whom the check is written. |
