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Chapter 5
consumer
| Question | Answer |
|---|---|
| *ABA Number | American Bankers Association. To route your check back to your bank. Another name for the routing number. |
| Bank Reconcilationa | The process of matching your checkbook register with the banks statement. |
| *Bank Endorsement | |
| Canceled Check | A check that has cleared your account. |
| Certified Check | A personal check that the bank guarantees or certifies to be good. |
| Checkbook Register | A booklet used to record checking account transactions. |
| Debit Card | A bank card that deducts money from a checking account almost immediately to pay for purchases. |
| Demand Deposit | A type of bank account from which money may be withdrawn at any time. |
| Electronic Funds Transfer | A computer-based system that enables you to move money from one account to another without writing a check or exchanging cash. |
| *FDIC | Federal Deposit Insurance Corporation. |
| Notary Public | A person who verifies a person's identity, witness the persons signature on a legal document, and then "notarize"the signature as valid. |
| *Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Safe Deposit Box | A place at your bank available to store valuable items or documents. |
| *Special Endorcement | Is an endorsement that transfers the right to cash the check to someone. |
| *Stop Payment Order | Is a request that cancels a check or payment that has not been processed yet. |
| *Check | A check is a written order to a bank to pay the amount stated to the person or business named on it. |
Created by:
lockwoodj
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