39791279
Description
Flashcards by Jozlyn Bartunek, updated 6 months ago
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Created by Jozlyn Bartunek
6 months ago
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| Question | Answer |
| Automatic Teller Machine (ATM) | Automatic teller machine that allows customer of a bank to transfer funds and make deposits or withdrawals |
| Debit Card | Transactions result in money being immediately deducted from customer’s checking account |
| Check | Written documents signed by appropriate person that direct the bank to pay a specific amount of money to a particular person or company |
| Draft | Written orders like checks instructing a bank, credit union, or savings and loan institution to pay your money to a person or organization |
| Signature Card | Information card signed by person opening a checking account |
| Deposit Slip | Document that shows date, name, account number, and items making up a deposit |
| Check Stubs | Provides a record of checks written. It is attached to the check |
| Check register | Record-keeping device that records checks paid and deposits made by companies using a checking account |
| Endorse | Signing the back of the check; thus ownership is transferred to another party |
| Blank Endorsement | Current owner of check signs name on back. Whoever presents checks for payment receives the money |
| Full Endorsement | This endorsement identifies the next person or company to whom the check is to be transferred |
| Restrictive Endorsement | Check must be deposited to the payee’s account. This restricts one from cashing it |
| 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 |
| Electronic Funds Transfer (EFT) | A computerized operation that electronically transfers funds among parties without the use of paper checks |
| Bank reconciliation | Process of comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit |
| Banking Apps | Special client application programs like checking account balances, paying bills, and transferring funds for those doing online banking |
| Outstanding Checks | Checks written but not yet processed by the bank before bank statement preparation |
| Deposits in Transit | Deposits not received or processed by bank at the time the bank statement is prepared |
| Credit Memo (CM) | Bank transactions that increase customer’s account |
| Debit Memo (DM) | A debit transaction bank does for customers |
| Nonsufficient Funds (NSF) | Drawer’s account lacked sufficient funds to pay written amount of check |
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