38837670
Description
Flashcards by Kathryn Diaz, updated more than 1 year ago
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Created by Kathryn Diaz
over 1 year ago
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| Question | Answer |
| ATM (Automatic teller machine) | The ability to get instant cash. |
| Bank reconciliation | Process of comparing the bank balance to the checkbook balance, so adjustments can be made regarding checks outstanding, deposits in transit. |
| Bank Statement | Report sent by the bank to the owner of the checking account indicating checks processed, deposits made, and so on, along with beginning and ending balances. |
| Banking Apps | Special client application programs like checking account balances, paying bills, and transferring funds for those doing online banking. |
| Blank Endorsement | Current owner of check signs name on back. Whoever presents checks for payment receives the money. |
| Check | Written documents signed by appropriate person that direct the bank to pay a specific amount of money to the particular person or company. |
| Check Register | Record-keeping device that records checks paid and deposits made by companies using a checking amount. |
| Check Stub | Provides a record of checks written. It is attached to the check. |
| Credit Memo (CM) | Bank Transactions that increase customer's account. |
| Debit Card | Transactions result in money immediately deducted from customer's checking account. |
| Debit Memo (DM) | A debit transaction bank does for customers. |
| Deposit Slip | Document that shows date, name, account numbers, and items making up a deposit. |
| Deposits in Transit | Deposits not received or processed by bank at the time the bank statement is prepared |
| Draft | Written orders like checks instructing a bank, credit union, or savings and loan institution to pay your money to a person or organization. |
| Drawee | Bank ordered to pay. |
| Drawer | The one who writes checks. |
| Electronic Funds Transfer(EFT) | A computerized operation that electronically transfers funds among parties without the use of paper checks. |
| Endorse | Signing the back of the check; thus ownership is transferred to another party. |
| Full Endorsement | This endorsement identifies the next person or company to whom the check is to be transferred. |
| Mobile Banking | Banking that uses smartphone or tablet. |
| Non sufficient Funds | Drawer's account lacked sufficient funds to pay written amount of checks. |
| Outstanding Checks | Checks are written but not yet processed by the bank before bank statement preparation. |
| Overdrafts | Occur when the customer has no overdraft protection and a check bounces back to the company for a person who received the check because the customer has written a check without enough money in the bank to pay for it. |
| Payee | To who the check is payable. |
| Restrictive Endorsement | Check must be deposited to the payee's account. This restricts one from cashing it. |
| Signature Cards | Information card signed by person opening a checking account. |
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