Finance: Chapter 9 Checking & Banking
Terms in this set (45)
a written order to a bank to pay the stated amount to the payee named on it.
a checking account, money can be withdrawn at any time or "on demand"
a check that bears the bank's stamp, indicating that it has cleared
A check written for more money than your account contains
floating a check
realizing your account contains insufficient funds, but writing the check anyway, hoping that a deposit will clear before the check is cashed.
a booklet used to record checking
the process of matching your checkook register with the bank statement
the signature of the payee written exactly as his or her name appears on the front of the check
an endorsement that transfers the right to cash the check to someone else.
restricts or limits the use of a check.
a personal check that the bank guarantees or certifies to be good
a check written by a bank on its own funds.
stop payment order
a request that the bank not cash a specific check
your signed approval for a check to be cashed, deposited, or assigned
the form used to tell the bank to add money to your account
the number that appears in fraction form in the upper right corner of each check
the person or company to whom a check is made payble to
Drawer or Maker
the person authorized to write checks on the account
the line provided at the bottom left of each check so that the maker can write the purpose of the check
Please list the parts of a check:
Check number, ABA #, Maker's preprinted name and address, date, payee, numeric amount, written amount, signature, account and routing #, and memo.
What is the purpose of a check account?
What advantages does a checking account offer?
How many ways can you use your checking account?
writing checks, paying bills online, making deposits,
Describe the steps for making a deposit.
Please see page 203 for eight (8) steps in the text.
What is a fee?
What is a balance?
What is payment/debit in a checkbook register?
A savings or checking account established in the names of more than one person (e.g., parent/child, wife/husband).
accounts for customers who have a small amount of activity in their accounts each month
interest bearing accounts
accounts that pay interest on the balance deposited in the account; but usually only if the balance is maintained at or above a certain level
the credit union term for a checking account.
A way for people with no checking account to send money by mail, Legal document that pays a specific amount of money to a specific person or business
A card that is used to deduct a purchase amount directly from your checking account instead of drawing on a line of credit; also called "check card"
bank credit cards
Banks that set their own fees and interest rates for a credit card... they make money through stores paying a fee for every purchase made VISA MC AMEX
Automated teller machine Unit that allows consumers to do their banking without the help of a teller
safety deposit box
A protected location in a secure bank vault where individuals can store valuables for a small fee.
the temporary provision of money (usually at interest)
extend credit to
The different kinds of services provided by financial institutions such as banks, credit unions, insurance companies and other similar businesses.
ATM, debit card, check printing, stop payment, money order and bank check, Balance inquiry, Bounced check, and money market checking. -- the fees and charges levied by the bank for operation of an account including the previous.
balancing a checkbook
comparing written checks with bank statement, determine if recent deposits are not on the bank statement, subtract fees and charges listed on statement from checkbook balance, add interest earned to check book balance
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