$ Mgmt 1 -Checking and Debit Cards Chapter 6
Terms in this set (30)
when someone cashes a check and the account does not have the amount in the bank
Automatic Teller Machine-abank machine that gives out cash from your account and accepts deposits around the clock.
a signature that validates something
An endorsement restricting further transfer of a check's ownership., Uses the phrase "For Deposit Only," written on the back along with a signature. It authorizes the financial institution to accept the check only as a deposit to an account. No one else can cash such a check.
a form you fill out that shows how much money you are putting in the bank.
to compare your check register with the bank statement of your checking account to make sure they agree
federal deposit insurance corporation
..., a federally sponsored corporation that insures accounts in national banks and other qualified institutions
bank service fee
fees incurred by a company for the expenses associated with its checking account.
stop payment fee
What a person is charged by a bank if they make an unwise purchase and then reconsider.
A business form ordering a bank to pay cash from a bank account.
usually a series of numbers used to identify your account, whether a checking, savings or a loan account.
A deposit that is make by funds being transferred electronically.
The book in which you keep records of checks, deposits, debit card transactions, and atm withdrawals.
a number you choose and use to gain access to various accounts
an endorsement on commercial paper naming no payee and so payable to the bearer
check can be transferred to second party if the receiver signs and writes "pay to the order of..."; a two-party check
Three digit code on back of debit/credit card--helps ensure card is in card holder's possession when making purchases and, thus, prevent unauthorized use
issued by a depositor but not yet reported by and on a bank statement
electronic funds transfer
a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
insufficient funds fee
The fee that is charged by a financial institution or business when a check does not clear.
a bank account against which the depositor can drawn checks payable on demand
bank routing number
A nine-digit numerical code used to identify a banking or other financial institution to clear funds or process checks in the U.S.
the numerals written or printed on the upper right-hand corner of a check
a nonprofit financial institution that is owned by its members and organized for their benefit
is a for-profit institution that offers a full range of financial services, including checking, savings, and lending.
An automatic deposit of a paycheck without having to take a physical check to the bank.
a federally sponsored corporation that insures accounts in national banks and other qualified institutions
an automatic loan made to you if you write a check for more money than you have in your account
a fee a bank charges for handling a checking account
Automatic Teller Machine
computer terminals that let you withdraw cash from your account, make deposits, and transfer money from one account to another