Chapter 17 Banking and Financial Services
Terms in this set (44)
Automatic bill payment
a service by which a bank deducts a payment from your account and transfers the funds to the appropriate companies. This service requires a bank customer to authorize preset amounts of monthly expenses.
Automatic teller machine
a computerized device that allows customers to make bank transactions including withdrawing cash.
Bank money order
a form sold by a bank stating that money is to be paid to a specific person or business.
the document created to show how your own record of your checking account and the bank's record of your account were brought into agreement.
a report on the status of a bank account.
an endorsement of a check that consists of only the endorser's name.
a check that a bank draws on its own funds.
a personal check for which a bank has guaranteed payment.
a separate book form on which the depositor keeps a record of checking account activities.
a form attached to the check by a perforated line.
paying of checks among different banks in different cities.
a bank that offers a full range of financial services.
a user-owned, not-for-profit, cooperative financial institution.
a bank-issued card used for ATM transactions.
a financial institution that accepts deposits from individuals and businesses and uses the money to finance its business.
the process by which funds are deposited electronically and available automatically for your use.
the bank or other financial institution that pays the check.
the owner of the account who signs the check.
Electronic funds transfer (EFT)
the use of computers and other technology for banking activities, including the use of automated teller machines (ATM), point-of-sale transactions, direct deposit, and automatic bill payment.
written evidence that a person received payment or transferred the right to receive payment to someone else.
Express money order
a form issued by various organizations including traveler's check companies, travel agencies, and many supermarkets, pharmacies, and convenience stores.
Federal Deposit Insurance Corporation (FDIC)
the federal agency that helps to regulate banks and other financial institutions.
Federal Reserve System (Fed)
a system set up by the federal government to supervise and regulate member banks and to help banks serve the public efficiently. All national banks are required to join the Federal Reserve System, and state banks may join.
Full endorsement (special endorsement)
an endorsement that allows you to transfer a check to another person.
when two or more people have an account together.
a form of payment that orders the issuing agency to pay the amount printed on the form to another party.
Mutual savings bank
a savings bank that is owned by, and operated for the benefit of, its depositors.
a category of financial institutions that does not take or hold deposits. They earn their money selling specific services or policies.
checks that have not been deducted from the bank statement balance.
the person to whom the check is written.
a transaction in which a merchant accepts debit cards to pay for purchases.
Postal money order
a form of payment purchased from the U.S. Post Office that can be sent safely through the mail.
a check that is dated later than the date on which it is written.
an endorsement that limits the use of the check to the purpose given in the endorsement.
a container for storage of valuables offered by banks.
the fee a bank charges for handling a checking account.
Share draft account
a checking account at a credit union.
members of credit unions.
a document used to verify your signature.
plastic cards with silicon chips that are used to store information. The chip within the card stores such data as a cardholder's current account balance, credit history, or medical information.
Special checking account
checking accounts for people who only write a few checks each month. Banks charge customers about 10 to 20 cents for each check written.
Stop payment order
a written notice that tells the bank not to pay a certain check.
a digital reproduction of the original paper check.
special forms designed for making payments when away from home.
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