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Standard 11.0

Chapter 29 Terms

TermDefinition
Check written order to a bank to pay a stated sum from the drawer's account -write neatly, use cursive, use ink, legible figures, sign consistently, do not erase; VOID
Direct Deposit credit from the source straight to the banking account -start of the 20th century -cash replaced by checks -1970's - direct deposit offered -highly secure
Interest-Bearing Account earns interest on the balance left in the account
Signature Card card signed by individual opening account and kept on file to confirm account -always sign the same way, avoid nicknames, use ink; pencil can be erased, individual or joint account (need 2 signatures with married couples)
Overdrawn when you write a check for more money that there is in your checking account -usually a 35$ fee for doing so
Overdraft Protection a prearranged line of credit for overdrawn checks
Stop Payment order to the bank to not cash a particular check -when you do so in check register, add the money from the check back to your total balance
Debit Card a card that allows money to be deducted directly from a checking account rather than a credit account
Check Register personal record of your checking account; paper or electronic -check number, date, to whom the check was written, amount of the check, new balance (white line; what it's for...red line; memo) -keeps track of all transactions
Endorsement signing of a document that allows for legal transfer from one party to another -trailing edge is the left side of the check when looking at the front of it
Bank Statement aka- account statement monthly record sent, available to account holder summarizing all transactions -beginning balance and ending balance, debits (decreases and credits (increases) , cleared checks -record of all the transactions in a checking account
Canceled Checks checks that are written that have been cashed
Bank Reconciliation The process of seeing whether your records agree with the bank's records for your account
Outstanding Checks a check that hasn't cleared the bank yet
Created by: 252619