| Definition |
 |
|
| Term |
|
|
| Person does this monthly to make sure the account is in balance |
Reconcile |
| An account owner must do this in order to approve a check to be deposited into their account |
Endorse |
| Number required to access to an account at an ATM |
PIN |
| A card which can be used like a credit card but uses money from the account owner's checking account |
Debit card |
| Place to immediately record all transactions |
Register |
| Type of slip accompanying money when put into an account |
Deposit |
| Type of endorsement allowing for deposit only |
Restrictive |
| Writing a check for more than the balance in your account; a bounced check |
Overdraft |
| Bouncing a check can damage this |
Credit report |
| Type of card kept at the financial institution once the account is opened which is used for a reference to prevent fraud |
Signature card |
| Check is considered this if it has not yet cleared the financial institution |
Outstanding |
| Information about an account mailed each month |
Statement |
| Type of endorsement used when signing a check over to a second party |
Special |
| The person/institution to whom the check is written |
Payee |
| Type of charge to use an ATM not owned by the account owner's financial institution |
Fee |
| Don't forget to subtract the amount the bank charges for handling your account from your register |
Service charge |
| The amount of money in your account when the statement is sent out |
New balance |
| Another name for a checking account |
Demand deposit |
| A personal check that has been stamped as guaranteed by the bank |
Certified check |
| Anyone can cash a check with this type of endorsement |
Blank |
| A payment system in which bills are paid through direct withdrawal |
Automatic |
| A check paid and subtracted from the payer's account |
Canceled/cleared |
| A request made to a bank to not pay a specified check |
Stop payment |
| Amount bank pays if written and numerical amounts do not match |
Written |
| Earnings are automatically deposited into customer's account |
Direct deposit |
| Transaction that deducts money from payer's account |
Withdrawal |
| A written document instructing a bank to pay money from payer's account |
Check |
Ch.18 LTI-MA 509
