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MTH 092 Week 4

MTH 092 WK4 Bank Services

Payor the person who is sending the money
Payee the person receiving the money
Flat-fee a bank charge of a fixed amount every month
Interest paid a bank charge based on a percentage of checks written
POS ”point of sale” terminal – machine used to complete sale with a debit card
EFT ”electronic funds transfer” – the transfer of money electronically
Restricted endorsement endorsement on a check which states the intended purpose and person
Blank endorsement endorsement on a check which just states the person
Special endorsement endorsement on a check which states a third party as well as the person
Balance brought forward beginning amount
Balance forward ending amount
Check register a record of transactions kept by the account holder
Bank Statement a record of transactions from the bank
NSF ”non-sufficient funds” – used when there is not enough money in an account
DIT ”deposit in transit” – used for a deposit that has occurred but not yet recorded by bank
Adjusted bank balance balance of account after outstanding checks, fees, interest, and DIT adjustments
deposit slip (ticket) A record of amounts being deposited
Reconcilation The process of adjusting the bank statement and checkbook register to equal amounts
Created by: adotson