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Blesi8e Ch32 Terms
[MO2] Banking Procedures [Tier 01]
| Term | Definition |
|---|---|
| agent | one that acts or has the power or authority to act for another |
| authorization | the giving of authority |
| automated teller machine (ATM) | a banking machine that can perform deposits, transfers and withdrawals 24 hours a day, seven days a week |
| bank statement | a record of an account sent to the account holder showing the beginning balance, all deposits made, all checks drawn, all bank service charges and interested earned as well as the closing balance |
| currency | any form of money; the name given to the cash we use in our society |
| denomination | a category or classification of currency |
| deposit | to entrust money to a bank or other institutional; money put into an account, increasing the account balance |
| deposit record | a record of a financial deposit that is given by the bank to the customer at the time of the deposit |
| deposit slip | a slip accompanying a bank deposit and containing an itemized list of checks or cash deposited, the date and the depositor's signature |
| direct deposit | when an amount is sent electronically by the payer directly into a savings or checking account of the payee |
| endorsement | the payee's signature on the back of a check; a transfer of title on the check to the bank in exchange for the amount of money on the face of the check |
| endorser | signature on the back of the check of the payee |
| e-statement | a paperless bank statement |
| mobile banking | a banking method that allows the bank customer to perform banking actions on their mobile device |
| negotiable | capable of being discussed and terms arranged |
| online banking | the practice of making bank transactions or paying bills electronically via the Internet |
| outstanding check | a check you have written that does not appear on your bank statement because the payee has not yet cashed the check |
| overdraft | an amount of beyond what is currently in the account |
| payee | a person to whom money is paid |
| payer | the person who signs the check or the corporation that pays it |
| reconciling | process to bring checkbook and bank statement into agreement |
| register | a formal or official recording of items, name or action |
| stop payment | a method by which the maker of a check may stop payment of a check(s) written. |
| third-party | someone other than the two principals in a transaction |
| transaction | dealing accomplished |
| void | to "disable" a check so it cannot be used |
| withdrawal | a removal of something that has been deposited |
Created by:
MaesterRay
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