Flashcards
Chapter 4 Key Terms
Flashcards do conjunto (26)
- 1ATM (Automatic teller machine)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.
- 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 receives the money.
- 6CheckWritten documents signed by appropriate person that direct the bank to pay a specific amount of money to the particular person or company.
- 7Check RegisterRecord-keeping device that records checks paid and deposits made by companies using a checking amount.
- 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 in money immediately deducted from customer's checking account.
- 11Debit Memo (DM)A debit transaction bank does for customers.
- 12Deposit SlipDocument that shows date, name, account numbers, 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 to a person or organization.
- 15DraweeBank ordered to pay.
- 16DrawerThe one who writes checks.
- 17Electronic Funds 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 BankingBanking that uses smartphone or tablet.
- 21Non sufficient FundsDrawer's account lacked sufficient funds to pay written amount of checks.
- 22Outstanding ChecksChecks are written but not yet processed by the bank before bank statement preparation.
- 23OverdraftsOccur 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.
- 24PayeeTo who the check is payable.
- 25Restrictive EndorsementCheck must be deposited to the payee's account. This restricts one from cashing it.
- 26Signature CardsInformation card signed by person opening a checking account.
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- FlashCards sobre Chapter 4 Key Terms, criado por Kathryn Diaz em 18-06-2023.
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- Kathryn Diaz
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