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Personal Finance

Checking study guide

TermDefinition
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