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QR Chapter 3 Section 3-1

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Terms in this set (21)

A check that has been processed so that the money is paid to the payee of a check.

A written order used to tell a bank to pay money (transfer funds) from an account to the check holder.

The process that happens when a bank pays for a check out of a checking account; a check is cleared when the bank has transferred the funds from the checking account.

A record of all transactions in a checking account, including checks written, deposits made, fees paid, ATM withdrawals, and so on.

checking account

An account at a bank that allows a customer to deposit money and make withdrawals from the funds on deposit using a paper check or electronic transfer.