28 terms

Check Writing-Deposit Slips-Endorsements

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Checks include the following information:
-Name
-Address
-Pay to the order of
-Date
-Check Number
-Memo
-Signature
-Amount of check
-Account Numbers
Date:
Include the month, day and year you are writing the check
Payee/Pay To The Order Of:
Write the name of the person or business on the line
Amount In Numbers:
Write the amount of the check in numbers
Amount In Words:
Write the amount of the check in words
Signature:
Sign all checks the way you sign the signature card
Memo:
Use the memo area to note the reason for the check
Routing Numbers:
The nine-digit string of numbers used to identify your bank to process the transaction
Account Number:
The number used to identify your unique account within the bank
Check Number:
The number used to identify a specific check within the sequence of the register. It usually includes 3 or 4 digits
Bank
A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.
Check
A written order to a financial institution directing the financial institution to pay a stated amount of money, as instructed, from the customer's account.
Checking Account
A financial account into which people deposit money and from which they withdraw money by writing checks or using a debit card.
Deposit
Money put into a financial account. Also, to place money in a financial account.
Savings Account
An interest-bearing account (passbook or statement) at a financial institution.
Debit Card
A small, specially coded plastic card issued by a bank; allows the cardholder to transfer funds electronically and immediately from his or her checking account, as if the cardholder were writing a check to pay for a purchase.
Check Register
A form (usually located in the back of a checkbook) on which users of checking accounts may record checks they have written and deposits they have made. Information thus recorded helps people keep track of balances in their accounts.
Blank Endorsement
An endorsement consisting only of the Endorser's signature.
Endorsement
A signature or stamp on the back of a check transferring ownership
Credit
An arrangement to receive cash, goods, or services now and pay for them in the future.
Installment loan
A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan
Revolving credit
A type of credit that does NOT have a fixed number of payments, such as a credit card.
Student loans
A loan to assist in payment of the costs of professional education.
Co-signer
The person who agrees to be responsible for loan payments if the borrower fails to make them.
Collateral
A form of security to help guarantee that a creditor will be repaid.
Earned Income
any income generated by working.
Passive Income
is money you earn from assets you have purchased or created.
Portfolio Income
any income generated by selling an investment at a higher price than you paid for it.
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