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QR Chapter 3 Section 3-1
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.
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.
Deposits into a bank account.
Withdrawals from a bank account.
A form to fill out when adding money to a bank account.
Payroll or other types of checks that are directly and electronically deposited into a bank account.
The account owner of a check; the person who writes the check.
electronic funds transfer (EFT)
The process of moving funds electronically from an account in one bank to an account in another bank; also referred to as an electronic check or e-check
The act of signing the back of a check when cashing it.
The money in a bank account that is held until the issuing bank of a check pays for a check.
When an account does not have enough money to cover a check that has been issued against it.
A percentage of the money that is in an account that a bank pays on some accounts.
An account with more than one owner where all the owners have equal access.
A fee some banks charge on some accounts to provide access to checking or savings accounts.
Protection pays a check even though there are not enough funds in the account; there is a fee for this service and the money must be repaid.
The receiver of the transferred funds or the person to whom the check is written.
personal identification number
A password that allows access to an ATM.
An account that has just one owner who is able to make account transactions.
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