Checking Account Test

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Terms in this set (...)

deposit
a transaction of either checks or cash that increases the balance of cash in your checking account
deposit ticket
a form that you fill out to put money into your checking account
endorsement
your signature on the back of a check made payable to you
blank endorsement
the simplest endorsement consisting only of your signature
restrictive endorsement
a much safer endorsement that states "for deposit only" before your signature
endorsement in full
an endorsement used to transfer the check to another person or company
check register
the form most commonly used for recording banking activities; comes when you order checks
ACH
stands for "automated clearing house"; what we identify online and pre-authorized payments as in the register
payee
the person or business to whom the check is written
routing number
the number on the check that identifies your bank and is assigned by the American Banking Association
legal amount
the amount of the check written out in words
debits
the column in your check register that decreases the cash in the account
credits
the column in your check register that increases the cash in the account
bank statement
your account statement sent to you by the bank with a summary of all of your transactions that have cleared the bank
reconciling
balancing your check register with the bank statement
canceled check
checks that have been paid from your account by the bank
outstanding check
any checks written but not cleared by the bank
outstanding deposit
any deposits that have not cleared the bank yet
ATM
automated teller machine; where you can withdraw cash or make deposits
direct deposit
when wages or paychecks are directly deposited in your checking account
popmoney
allows you to make payments to a cell phone number rather than to an address or bank account
identity theft
when someone steals your bank account number or social security number and tries to become you
budget
your plan on how to use your money
debit card
charge purchases and it is directly taken out of your checking account
void
if you make a mistake this is what you write on your check before you tear it up
credit card
charge purchases on then pay with a monthly statement
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