Checking

Key Concepts:

Terms in this set (29)

Balance
The amount of money you have in your bank account.
Cancelled Check
Checks the bank has paid. They will appear on your bank statement.
Check
A written order to the bank that tells it to take a stated amount of money from your account and pay it to another.
Checkbook
A handy portfolio that holds your check register, checks, deposit slips, receipts, and other ATM/debit card transactions.
Check register
A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.
Credit
A sum of money deposited INTO an account. You can use a credit to charge merchandise or borrow money.
Debit
A sum of money deducted from your account.
Debit card
A plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check.
Deposit
Money you put into your account.
Deposit slip
A form you fill out to credit money to your account when you make a deposit.
Direct Deposit
Your employer automatically deposits your paycheck into your account.
Endorse
To sign the back of a check made out to you so it can be cashed or deposited.
Interest
A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card.
Overdraw
To write a check or make a withdrawal when there isn't enough money in the account to pay for it.
Post-date
To write a future date on a check.
Reconcile
To "balance" your checking account with your monthly statement from the bank.
ATM
Automatic Teller Machine. Allows a customer to get out physical currency from their account
Voided check
A check with "VOID" written across it that make it non-negotiable.
Statement
The monthly record of your account transactions sent to you by your bank.
PIN
Personal Identification Number needed to use an ATM card.
Signature card
A card used when opening a new account that includes name, address, birthdate, etc.
Payee
The person to whom the check is made payable.
Outstanding check
A check that has been written but not yet deducted from the person's bank account.
Outstanding deposit
A deposit that has been made but not yet added to the person's bank account.
Credit card
A card that allows the holder to make purchases without cash by borrowing money
Prepaid card
A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent.
Person to person payment
An online process that allows you to send money directly from your checking account to a friend via email or cell phone.
Check cashing store
A business that cashes checks, giving the customer cash in exchange for a fee for the service.
Bank Statement
the bank's accounting of your transactions
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