39772281
Description
Flashcards by DANIEL OLDHAM, updated 3 months ago
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Created by DANIEL OLDHAM
3 months ago
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| Question | Answer |
| Automatic teller machine (ATM) | Machine that allows customer of a bank to transfer funds and make deposits or withdrawals. |
| Bank reconciliation | Process of comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit, and the like. |
| Bank statement | Report sent by the bank to the owner of the checking account indicating checks processed, deposits made, and so on, along with beginning and ending balances. |
| Banking apps | Special client application programs like checking account balances, paying bills, and transferring funds for those doing online banking. |
| Blank endorsement | Current owner of check signs name on back. Whoever presents checks for payment receives the money. |
| Check | Written documents signed by appropriate person that direct the bank to pay a specific amount of money to a particular person or company. |
| Check register | Record-keeping device that records checks paid and deposits made by companies using a checking account. |
| Check stub | Provides a record of checks written. It is attached to the check. |
| Credit memo (CM) | Bank transactions that increase customer's account. |
| Debit card | Transactions result in money being immediately deducted from customer's checking account. |
| Debit memo (DM) | A debit transaction a bank does for customers. |
| Deposit slip | Document that shows date, name, account number, and items making up a deposit. |
| Deposits in transit | Deposits not received or processed by bank at the time the bank statement is prepared. |
| Draft | Written orders like checks instructing a bank, credit union, or savings and loan institution to pay your money to a person or organization. |
| Drawee | Bank ordered to pay a check. |
| Drawer | One who writes the check. |
| Electronic funds transfer (EFT) | A computerized operation that electronically transfers funds among parties without the use of paper checks. |
| Endorse | Signing the back of the check; thus ownership is transferred to another party. |
| Full endorsement | This endorsement identifies the next person or company to whom the check is to be transferred. |
| Mobile banking | Form of accessing bank accounts through smartphones or tablets. |
| Nonsufficient funds (NSF) | Drawer's account lacked sufficient funds to pay written amount on check. |
| Outstanding checks | Checks written but not yet processed by the bank before bank statement preparation. |
| Overdrafts | When a check bounces back to the company or the person that received it, or what happens when the customer writes a check without enough money in their account to pay for it. |
| Payee | To whom a check is payable. |
| Restrictive endorsement | Check must be deposited to the payee's account. This restricts one from cashing it. |
| Signature card | Information card signed by person opening a checking account. |
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