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FFChapter9

vocab for chapter 9 - financial foundations 2023

QuestionAnswer
A banking service in which a customer deposits money and writes checks to withdraw at their convenience... Checking Account
An account on which the depositor can withdraw money at any time is called... Demand Deposit
_____ occurs when a depositor writes a check on an account that is insufficient to cover a check. Overdraft
The person to whom a check is made payable to is called the _____. Payee
The person authorized to write checks on an account is called the _____. Maker
An endorsement requiring two signatures is a _____. Joint Endorsement
Paper money in the form of dollar bills, fives, tens, etc... Currency
A record of checks written and deposits made in a checking account, kept by the DEPOSITOR... Checkbook Register
A _____ is sent by the bank regularly, listing checks and deposits processed by the bank, as well as charges and credits to an account. Bank Statement
A check that has been processed by the bank and has been subtracted from the depositors account... Canceled
The payee simply signing their name as it appears on the front of the check is called a _____. Blank Endorsement
A _____ endorsement, such as "for deposit only," limits the negotiability of a check. Restrictive
Cards providing immediate deductions from your checking account when a purchase is made... Debit Cards
Checking accounts at credit unions are known as... Share Accounts
Writing a check when you know there are temporarily not enough funds to cover the check is known as... Floating a Check
A check guaranteed by the bank... Certified Check
A check drawn against the bank's own funds... Cashier's Check
The process of matching your checkbook register with the bank statement... Reconciliation
A request for the bank to not cash a check... Stop-Payment Order
An endorsement signing a check over to a third person... Special Endorsement
Checks over _____ old may not be honored by a bank. Six Months
Amount of FDIC insurance provided on each account of a depositor... $250,000
A safe place to keep stocks & bonds, deeds, and other important documents... Safe Deposit Box
A _____ account charges fees based on the number of checks written each month; a minimum balance is not usually required. Special
Financial institutions usually do not charge a fee for checking account services. False
Most financial institutions offer online and telephone banking services. True
Electronic funds transfer (EFT) involves the use of ATM machines. True
It is important to reconcile your checkbook immediately when you receive the bank statement. True
When a check you have been issued has been lost or stolen, you should request a stop payment order. True
To open an account, either checking or savings, you first must fill out and sign a signature authorization form. True
When a minimum balance is not maintained in a checking account, the bank will usually waive a service charge. False - banks want their money
A debit card is the same as a credit card. False
Interest-bearing accounts pay interest when the minimum balance is maintained. True
With online banking, you can make deposits and request cashier's checks. False - only deposits
Created by: 20kcaw08
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