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Personal Finance
Checking study guide
| Term | Definition |
|---|---|
| Checking account | is a sum of money that you deposit in a bank or other financial institution to hold for you and from which you write checks |
| Cancelled Check | Check that is stamped and perforated to show it has been paid |
| Insufficient funds | Not enough money in account to pay check, banks polite way of saying a check has bounced |
| Stop Payment | An order by depositer to the bank to prevent payment of a check |
| Float | period of time it takes a check to be processed |
| Certified Check | a check issued by the bank that insures the check amount will be paid because it has been set aside |
| Cashiers Check | a check written on financial institutuions own account and signed by one of its officers |
| Endorsing | signing the back of a check |
| Payee | Name of person/business who recieves the money after the words"pay to the order of" |
| Memo | for recording the purpose of check |
| Money Order | a check for a specified sum of money issued by a financial institution, a post offic,e and express or telegraph company, or a grocery store |
| Telegraphic Money Order | a transfer of money through Western Union: useful in emergency, but very expensive |
| Electronic Funds Transfer | (EFT) is the moving of money from one account to another by computer |
| Automated Teller Machine | (ATM) computer stations that can be used for certain banking purposes |
| Debit and Check Card | used to make purchases without writing a check and amounts are automatically deducted from your checking account |
Created by:
lhughes637
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