Banks, credit unions, and savings and loan associations are examples of ___
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Terms in this set (40)
A ___ check is one that has been processed by the bank and has been subtracted from the depositor's account.canceledThe payee simply signing his or her name as it appears on the front of the check is making a ___ endorsement.blankA ___ endorsement, such as "For Deposit Only," limits the negotiability of a check.restrictive___ cards provide immediate deductions from your checking account when you make a purchase.DebitChecking accounts at credit unions are called ___.share accountsTo write a check when you know there are temporarily not enough funds to cover the check is called __floating a checkA ___ is a check guaranteed by the bank.certified checkA check drawn against the bank's own funds is a ___.cashier's checkThe process of matching your checkbook register with the bank statement is called ___.reconciliationA request to the bank not to cash a check is a ___.stop payment orderAn endorsement signing a check over to a third person is a ___.special endorsementT/F Financial institutions usually do not charge a fee for checking account services.FalseT/F Most financial institutions offer online and telephone banking services.TrueT/F Electronic funds transfer (EFT) involves the use of ATM machines.TrueT/F It is important to reconcile your checkbook immediately when you receive the bank statement.TrueT/F When a check you have issued has been lost or stolen, you should request a stop payment order.TrueT/F To open an account, either checking or savings, you first must fill out and sign a signature authorization form.TrueT/F When a minimum balance is not maintained in a checking account, the bank will usually waive a service charge.FalseT/F A debit card is the same as a credit card.FalseT/F Interest-bearing accounts pay interest when the minimum balance is maintained.TrueT/F Banks rarely charge fees to their customers to cover operating costs.FalseWhat is a check written by a bank on its own funds called?cashier's checkChecks over ___ old many not be honored by a bank.6 monthsA ___ endorsement results when the payee signs over a check to a third person.specialA ___ endorsement results when the payee signs on the back For Deposit Only and signs his or her name.restrictiveInsurance up to ___ on each account is provided for depositors by the FDIC.$250,000When a payment on a check is prevented by the bank before it can be made to the payee, it is a ___.stop payment orderA ___ is a personal check that the bank guarantees to be good.certified checkA ___ is a safe place to keep stocks and bonds, deeds, and other important deposit boxA ___ account charges customers fees based on the number of checks written each month; a minimum balance is usually not required.special