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Ch. 14 business prac

MA chapter 14 business practices-checks, accounts, endorsements, processes,vocab

Most common types of checking accounts are Joint and individual; business or commercial
EFTS Electronic Funds Tranfer System; pre authorized transfers made from one account to another
Pay by phone Substitutes check writing; MA asks transfer of funds
Automatic Bill pay Bank given permission by account holder to transfer funds
POS banking system Brings banking to the business location
Three parties involved when writing a check Drawer/payer, drawee, payee
Drawer/payer Orders the bank to pay
Drawer Where money is deposited in a checking account
Payee Who is directed to receive the money
Types of checks Cashiers, certified, counter, electronic, limited, money order, travelers, voucher, warrant
Cashiers check Drawn by bank, made payable out of payees account, signed by bank official, NO stop payments
Counter check Draw funds from own account, pay to the order of "myself only", non-negotiable
Electronic check Aka 21st Century & Check 21; created from a digital image of the original; Reproductions are "substitute checks"
Limited check Statements check is void if written over a certain amount; used for payroll or payment for insurance claims
Stale Check On a limited check time limit to cash the check has passed
Money order Purchased at face value; can get at bank, (convenient stores, post offices)
Traveler's check Printed in denominations of 10, 20, 50 and 100; second signature must be done in presence of person cashing the check
Voucher check Bound with three checks per page; assembled packs w/ a copy retained as a record of the transaction
Warrant check Not considered until it is converted to a negotiable instrument; shows a debt is due because services have been rendered; NO ABA number
Certified Check Guaranteed by bank; written by account holder and drawn on the holder's account
FRAUD Unlawful, check written with knowledge there is not sufficient funds in the account; common: Friday's afternoons, weekends, holidays, evenings
Endorsements Signed on the back by payee exactly as written
If endorsers Name is written incorrectly Endorse twice- wrong name and right names
If check is made out to bearer or cash Negotiable instrument, no endorsement required
Blank endorsement Most common way of endorsing a check; payee signs his/her name on back of check
Restrictive Endorsement "For deposit only"; prevents forgery,
Full endorsement Aka Special endorsement; used when a check is transferred to another person or company; "third party" check
NSF Non sufficient funds; payer doesn't have enough money in account to cover the check; check bounces
Misdated check Post dated check or an old check dated 3-6 months before the day of deposit is NOT honored
12 parts of a check Personal, payee line, dollar box, amount, memo line, date line, signature line, banking info, routing number, acct number, check number, ABA fraction
Currency Paper money
MICR Magnetic Ink Character Recognition
ATM Automated Teller Machine
ABA stands for; what is it for? American banker association; designates territories, states cit where banks are and federal reserve located
Overdraft Check written greater than balancer in checkbook
If an error occurs, to find out if it was transposition on the check stub, divide by 9
What do you compare information on the check when verifying it? Signature card
Bearer Person delivering an item for payment
Payer Person signing a check to pay out funds from checking acct
ABA number Bank or transit number
Joint checking requires Signature of one or b oath parties
Drawee The financial institution where the money is deposited
If numerical and written amounts on a check do not agree The payee receives the amount written out
All checks received in a medical office should Be stamped with a restrictive endorsement upon receipt
If a check is not written correctly, financial responsibility for any loss is borne by the Drawer
If an error is made on a check when it is written you can Correct error & initial or draw line and write VOID
Third Party Check Checks made out to one party and fully endorsed over to physician
Bank deposits
Created by: Gmtassa23