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BusLawVocats6.01
| Question | Answer |
|---|---|
| A drawee who has written “accepted” on the document and signed his/her name | Acceptor |
| Check issued against checking account with insufficient funds to cover it | Bad Check |
| check the bank draws on itself | Cashier's Check |
| A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date | Certificate of Deposit (CD) |
| A personal check that has been accepted by a bank before payment | Certified Check |
| Draft drawn on a bank and payable on demand | Check |
| Payable whenever the payee demands payment | Demand Note |
| One ordered to pay the money | Drawee |
| Orders the money to be paid | Drawer |
| Banking method in which computers and electronic technology are used as a substitute for checks and other paper forms of banking | Electronic Funds Transfer (EFT) |
| Check signed by someone else other than drawer and without authority | Forged Check |
| Paid in a series of payments | Installment Note |
| Party agreeing in writing to pay money to another | Maker |
| Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser | Money Order |
| A written promise by one person to pay money to another person | Note |
| One who is to receive the money | Payee |
| A draft payable as soon as it is presented to drawee for payment | Sight Draft |
| A check that is more than six months old | Stale Check |
| Draft drawn by a bank on funds that it has on deposit at another bank | Teller's Check |
| Not payable until the lapse of a particular time period stated on the draft | Time Draft |
| Payable at a future date that is written on the face of the note | Time Note |
| Used by a seller of goods to receive payment or to extend credit | Trade Acceptance |
| Draft drawn by a well-known financial institution on itself or its agent | Traveler's Check |
| Signature on the back of a negotiable instrument | Endorsement |
| Signed with endorser’s name only-Can be cashed by anyone-usually what everyone uses when they cash/deposit their paycheck | Blank Endorsement |
| Type of endorsement that transfers payment to someone else (pay to the order of)Payee signs the check over to another person to receive payment | Special or Full |
| Safest type of endorsement-Can not be cashed by someone who has stolen the check (For Deposit Only) | Restrictive |
Created by:
melinda.fornes
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