Flashcards
Chapter 4 Key Terms
Flashcards do conjunto (26)
- 1Automatic teller machine (ATM)Allows customers of a bank to transfer funds and make deposits or withdrawals
- 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 receives the money
- 6CheckWritten documents signed by appropriate person that direct 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
- 9Check memo (CM)The bank is adding to your account. the CM is found on the bank statement
- 10Debit CardTransactions result in 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 to a person or organization
- 15DraweeOne ordered to pay the check
- 16DrawerOne who writes the check
- 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 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 the customer has no overdraft protection and a check bounces back to the company or person who received the check because the customer has written a check without enough money in the bank to pay for it
- 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
Informações
- Descrição
- Key terms for Chapter 4 Banking
- Criado por
- BRANDI MCCAMMON
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