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Chapter 29

TermDefinition
Check A cheque or check is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
Direct Deposit Direct deposit is an electronic payment from one bank account to another. For example, money moves from an employer's bank account to an employee's bank account, although there are several other ways to use direct deposit.
Interest-bearing Account The bank pays you interest on the money in your account, much like it pays interest on a savings account. However, with a checking account you can also write checks or use debit cards.
Signature Card Services provides cutting-edge credit card processing solutions. We give secured and convenient account solutions to all our merchants and customers.
Overdrawn Draw money from (one's bank account) in excess of what the account holds.
Overdraft Protection Overdraft protection is a line of credit that banks offer to their customers to cover their overdrafts. Overdraft protection kicks in when a customer writes a check for more than the amount in their account.
Stop Payment An authorized withholding of payment on a check.
Debit Card A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when performing a transaction.
Check Register This printable check register is sized and shaded just like those you would get from a bank, with spaces to note check number, date, transaction, balance, and other information.
Endorsement A bank endorsement is an endorsement by a bank for a negotiable instrument, such as a banker's acceptance or time draft. This assures any counterparty that the bank will stand behind the obligations of the creator of the instrument.
Bank Statement A printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
Canceled Checks A canceled check is a check that has cleared the depositor's account and has been marked "canceled" by the bank. A canceled check has been paid by the drawee bank and endorsed by the payee, the payee's bank and the Federal Reserve Bank.
Bank Reconciliation A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
Outstanding Checks An outstanding check is a check that has been written by a company (and deducted from the appropriate general ledger cash account) but it has not yet cleared the bank account on which it is drawn.
Created by: 561919