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Chapter 11

Chapter 11 vocab

TermDefinition
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