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Checking Terms
| Term | Definition |
|---|---|
| Cancelled checks | a check that has been redeemed by a bank and then usually returned to the issuer. |
| Outstanding checks | A valid check which, although possibly already cashed, has not yet been returned for processing to the financial institution from where it originated |
| Bank Statement | A timeline of the transactions that affect an individual or business account. |
| Reconcile | to make two financial accounts or statements agree |
| Endorse | A signature used to legally transfer a negotiable instrument. |
| Deposit Ticket | A written notification accompanying a bank deposit which specifics and categorizes the funds (such as checks, bills and coins) being deposited. |
| Certified Check | A check for which the bank guarantees payment |
| Blank Endorsement | An endorsement consisting of nothing but a signature and allowing any party in possession of the endorsed item to execute a claim. |
| Special Endorsement | consists of a signature and a statement identifying the entity to which the check should be paid. |
| Restrictive Endorsement | An endorsement signature on the back of a check that specifies the conditions under which the check can be transferred or paid out |
| Stop Payment Order | An order to a bank not to honor the payment of a check after it has been delivered but before it has been cashed. |
| Direct Deposit | The deposit of funds directly into a bank account as a form of payment. |
| Overdraft Protection | A checking account feature in which a person has a line of credit to write checks for more than the actual account balance. |
| Online Banking | When you do banking online |
| Joint Checking | Any account joined by two or more people |
| Debit Card | A card which allows customers to access their funds immediately, electronically |
| Electronic Funds Transfer | Any transfer of funds that is initiated by electronics |
| Overdraft | The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation. |
| Wire transfer | An electronic transfer of funds. |