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Checking Terms
Term | Definition |
---|---|
Canceled Check | A check that has cleared the depositor's account and has been marked as "canceled" by the bank |
Outstanding Checks | a check that has been written but not yet processed by the bank before bank statement preparation |
Bank Statement | record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it |
Reconcile | to make financial accounts or statements to agree |
Endorse | to sign a check |
Deposit Ticket | a printed form which accompanies bank deposits |
Certified Check | a check guaranteed by a bank |
Blank Endorsement | 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 |
Pre-Authorized Payment | accelerating cash inflows by directly charging a customer's bank account with permission |
Stop Payment Order | 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 | deposit of funds directly into a bank account as a form of payment |
Overdraft Pretection | when withdrawals from a bank account exceed the available balance |
Online Banking | the practice of making bank transactions over the Internet |
Joint Checking | an account owned by two or more people |
Debit Card | card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
Electronic Funds Transfer | refers to the computer-based systems used to perform financial transactions electronically |
Overdraft | deficit in a bank account caused by drawing more money than the account holds |
Wire transfer | a method of transferring money from one person or institution to another |