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Chapter 4 Banking

CELIA VERDINEZ Intro to Bus Quant Methods Intro to Bus Quant Methods Inglés 26 fichas

Fichas del conjunto (26)

1automatic teller machine (ATM)the ability to get instant cash
2Bank reconciliationProcess of comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit, and the like.
3Bank statementReport 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.
4Banking appsSpecial client application programs like checking account balances, paying bills, and transferring funds for those doing online banking
5Blank endorsementCurrent owner of check signs name on back. Whoever presents checks for payment received the money.
6CheckWritten document signed by appropriate person that directs the bank to pay a specific amount of money to a particular person or company
7check registerRecord-keeping device that records checks paid and deposits made by companies using a checking account
8check stubProvides a record of checks written. It is attached to the check
9Credit memo (CM)Bank transactions that increase customer's account
10Debit cardTransactions result money being immediately deducted from customer's checking account.
11Debit memo (DM)A debit transaction bank does for customers
12Deposit slipDocument that shows date, name, account number, and items making up a deposit
13Deposits in transitDeposits not received or processed by bank at the time the bank statement is prepared
14DraftWritten orders like checks instructing a bank, credit union, or savings and loan institution to pay your money tp a person or organization
15DraweeOne ordered to pay the check
16DrawerOne who writes the check
17Electronic fund transfer (EFT)A computerized operation that electronically transfers funds among parties without the use of paper checks
18EndorseSigning the back of the check; thus ownership is transferred to another party
19Full endorsementThis endorsement identifies the next person or company to whom the check is to be transferred
20Mobile bankingDoing banking transactions on a mobile device such as a smartphone or tablet
21nonsufficient funds (NSF)Drawer's account lacked sufficient funds to pay written amount of check
22Outstanding checksChecks written but not yet processed by the bank before bank statement preparation
23OverdraftsOccurs when company or person wrote a check without enough money in the bank to pay for it (NSF check)
24PayeeOne who is named to receive the amount of the check
25Restrictive endorsementCheck must be deposited to the payee's account. This restricts one from cashing it.
26Signature cardInformation card signed by person opening a checking account