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Chapter 11
Chapter 11 vocab
| Term | Definition |
|---|---|
| Automated Teller Machine | Computer terminal were account holders can conduct various banking activities |
| Bank service charge | A fee the bank charges for maintaining bank records and processing bank statement items |
| Bank statement | An itemized record of all the transactions in. Depositors account over a give. Period, usually a month |
| Bankcard | A bank issued card honored by businesses that can be used to withdrawal cash and make payments, insteed of writing checks |
| Blank endorsement | A check endorsement that includes only a signature or stamp of the depositor |
| Canceled check | A check payed by the bank, deducted from the depositors account |
| Check | A written order from a depositor telling the bank to pay a stated amount of cash to the person or businesses named on the check |
| Check 21 | The check cleaning for the 21st century act; it allows the conversation of a paper check to an electronic image that can be quickly processed between banks |
| Checking account | An account that allows a person or business to deposit cash in a a bank then write check and make withdrawals and purchases against the account balance |
| Deposit slip | A bank form used to list the cash and checks be deposited. |
| Depositor | A person or business that has cash on deposit in the bank |
| Drawee | The bank on witch the check is written |
| Drawer | The person who signs the check |
| Electronic funds transfer system | A system that allows bank to transfer funds amoung accounts quickly without the exchange of checks |
| Endorsement | An authorized signature written or stamped on the bank of. A check that transfers ownership of the check |
| External controls | Measures and procedures provided outside the business to protect cash and assets |
| Imaged check | A copy of a cancelled it is sent with the bank statment in place of the original cancelled check |
| Internal controls | Procedures within the business that are designed to protect the cash and accounts |
| NSF check | A check returned to the depositor by the bank because the drawers checking account doesn't have the funds to carry out the check |
| Outstanding checks | A check that has been written but has not yet been presented to the bank for payment |
| Outstanding deposits | A deposit that has been made and reccorded in the check book but does not yet appeer on the bank statment |
| Payee | The person or business to which the check is written |
| Post dated check | A check that has a a future date instead of the actual date |
| Reconciling the bank statment | The process of determining any difference between the bank statment balance and check book balance |
| Restrictive endorsement | A check endorsement that transfers ownership to a specific owner and limits on how it is handled |
| Signature card | A bank form containing the signatures of a person authorized to write checks on a checking account |
| Special endorsement | A check endorsement that transfers ownership of the check to a specific business or individual |
| Voiding a check | Making a check unusual by writing the word void in ink across the front of the check |
Created by:
Jdegolier16
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