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Chapter 14
Medical administration
| Question | Answer |
|---|---|
| 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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