Terms in this set (32)
Checks include the following information:
-Pay to the order of
-Amount of check
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
Sign all checks the way you sign the signature card
Use the identify what the check has been written, the reason for the check
The nine-digit string of numbers used to identify your bank to process the transaction
The number used to identify your unique account within the bank
The number used to identify a specific check within the sequence of the register. It usually includes 3 or 4 digits
A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.
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.
A financial account into which people deposit money and from which they withdraw money by writing checks or using a debit card.
Money put into a financial account. Also, to place money in a financial account.
An interest-bearing account (passbook or statement) at a financial institution.
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.
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.
An endorsement consisting only of the Endorser's signature.
A signature or stamp on the back of a check transferring ownership
A card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered
Money Market account
A type of account that pays a higher interest rate than a savings account. Individuals may withdraw money a limited number of times every month by using a debit card or writing a check.
An account that pays interest on a lump sum of money. It is required to stay there for a specific period of time. Once the time period is complete, the money and interest earned can be withdrawn.
The percentage amount of your principle that the bank agrees to pay into your account.
Allows a payee to make a check payable to another person or entity.
A control technique used to restrict further action in regard to a financial instrument (usually a check)
A form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction.
An act of taking money out of an account.
An unattended machine (outside some banks) that dispenses money when a personal coded card is used
Annual percentage rate: the percentage that a bank makes you pay in interest when you borrow money from it, calculated over a period of one year
The amount of money you have in your bank account
An electronic way to view account activity and pay bills via the Internet and an institution's website.
Insufficient Funds (NSF)
Not enough money in your account to make your purchase