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Banking Concepts

Parson - Chp 11 Banking Concepts

QuestionAnswer
External Controls the measures and procedures provided outside the business to protect cash and other assets.
Check a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the check.
Checking Account Allows a person or business to deposit cash in a bank and to write checks against the account balance.
Depositor a person or business that has cash on deposit in a bank.
Signature Card a card containing the signature(s) of the person(s) authorized to write checks on a checking account.
Internal controls Steps a business takes to protect cash (for example, limiting the number of persons handling cash).
Deposit slip a bank form listing the cash and checks to be deposited.
drawee the bank on which a check is written.
drawer the person who signs a check.
Endorsement An authorized signature written or stamped on the back of a check representing receipt and deposit or payment of check.
Payee The person or business to whom a check is written or a note is payable.
Restrictive endorsement a check endorsement that restricts or limits how a check may be handled (for example, "For Deposit Only").
Personal Banking Controls controls put in place by a bank to safeguard a customer's money.
bank statement An itemized record of all the transactions in a depositor's account over a given period, usually a month.
canceled checks Checks paid by the bank and deducted from the depositor's account.
Reconciling the bank statement the process of determining any differences between a bank statement balance and a checkbook balance.
Voiding a check Canceling a check by writing the word "Void" across the front in ink.
Bank service charge a fee the bank charges for maintaining bank records and processing bank statement items for the depositor.
Electronic Funds Transfer System Allows banks to transfer funds among accounts quickly and accurately without the exchange of checks.
NSF check A check returned to the depositor by the bank because there are not sufficient funds in the drawer's checking account to cover the check.
Outstanding checks Checks that have been written but have not yet been presented to the bank for payment.
outstanding deposits Deposits that have been made and recorded in the checkbook but do not appear on the bank statement.
Stop payment order a demand by the drawer that the bank not honor a certain check.
Created by: yparson
 

 



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