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Chapter 14

Medical administration

Payee A check must be written as a payable to the
The person who signs the check Drawer of maker or payer
Money orders Are the form of payment that can be purchased for face value plus A fee from the bank convenience store or other retail location ANS must be signed by the purchaser
Stale check A check that is not considered negotiable but can be converted into a Negotiable account in a specific amounts at specific times
Warrant A check that is not considered negotiable but can be converted into a negotiable instrument or cash
Automatic transfer of funds Regular withdrawal of funds from one acct . In a specific amounts, specific Times
Electronic funds transfer system A computerized system that enables funds to be debited , credited,or transferred
Automatic billing paying When an acct . Holder has given the bank permission to transfer funds monthly to pay bills as a substitute for check writing
Electronic check A check that has been created from a digital image of the original
Endorsement On the back of a check or money order Payee must write their name as it appears on the front
Blank endorsement Most common way of endorsing a check is when the payee simply signs their name on the back of the check
Be sure to memorize and protect it When choosing a pin to use with a bank acct .
Credited When deposits are made they are added to the balance of a bank acct.
Debited When checks or withdrawals are made they subtract from the bank balance
Reconciled On a monthly basis to ensure accuracy of the bank balance
Third party checks Many banks do not accept
3 facts about bank transactions / financial documents 1/ involves privileged info 2/ confidential info 3/ info should be kept in locked files
A check stub can be used as a Check registar
Businesses are more vulnerable to check fraud On Friday afternoon , evenings, weekends , holidays
When using bank by mail always use Restrictive endorsements
Using after hours deposit features The money is processed by the bank the following morning
Prepaid card Pt's who do not have a bank acct. may pay the physician using a pre loaded special card
Check writing machines A machine that imprints figures on a check so that they cannot be changed
Divide by 9 When reconciling a bank statement , if the statement balance and the checkbook balance do not agree
ABA American bank assoc. coding system
Automated teller machine Atm a computerized terminal that enables a customer to make deposits Withdrawals and cash transfer funds or obtain other bank services
Bank statement List the date amount of deposit and withdrawals
Deposit Funds given to a bank to be credited to an account
Endorsement Approval signature on reverse side of the check that indicates the liability for payment of funds disbursed in case of default of payment
Check A written order to a bank to pay money on demand
Credit A deposit or addition to a bank acct.
Currency Paper money in circulation missed by the government through an act of law d
Debit A withdrawal from or charge to a bank acct .
Electronic funds transfer system Computerized system that enables funds to be debited, credited or transfered
Forgery Fraudulent signature on documents
Limited check One bearing a statement that indicates the check is void if written over a certain amount
Overdraft Charge against an acct. in excess of acct . Balance
The payee Persons named on a draft or check as the recipient of the amount shown aka bearer
Payer Party responsible for payment of the amount owed on a check or note
Reconciliation Act of proving accuracy of all transactions that have accursed on a checking acct.
Savings acct. Money deposited in bank where it earns interest and has been set aside for use
Service charge Fees assessed on a bank acct. for processing transactions and for acct maintenance
Withdrawals Removal of funds from a checking acct . By writing a check or using an ATM
A cashiers check .... Is drawn by a bank and signed by an authorized bank official
Certified check Drawn by the bank for authentication and guarantee
Counter check Is available at the bank for the depositor to withdraw funds from his or hers own acct.
Travelers checks Can be purchased to use in the place of checks or cash in locations where personal checks may not be accepted or for not carrying large amounts of cash
Voucher check Variety of styles stubs or way to keep a duplicate copy as a record of transaction
Pay by phone System that can substitute for check writing in which bill payments are made by calling to autherize a transfer of funds
A check is Negotiable Which means it is legally transferable to another person or business
A restrictive endorsement Contains a phrase such as , " for deposit only " along with endorsers signature
Intent to Defraud Writing a check with the knowledge that there is not enough funds in the acct . To cover
ATM skimming Can occur when thieves use a portable card reading device to record data on a debit or credit magnetic strip
Bank statement Each month sent to checking acct . Holders listing transactions
Online banking 24/7 access
A check writer machine Imprints the figures on a check so that they cannot be altered
When a check is written Be sure to complete the voucher or check stub for record keeping
Created by: Tbella
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