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Checking Terms
Term | Definition |
---|---|
Cancelled Checks | a check that you voided |
outstanding checks | checks that haven't been cashed yet |
bank statement | a paper the bank gives you telling you how much is in your account (used to reconcile your account) |
reconcile | to make sure your account is balanced |
endorse | to sign the back of your check |
deposit ticket | the paper you give to the bank to deposit your check/money |
certified check | A check guaranteed by a bank |
blank endorsement | an endorsement on commercial paper naming no payee and so payable to the bearer. |
Special Endorsement | Written language appended to an insurance policy that changes the coverage in regards to special circumstances. |
Restrictive Endorsement | An endorsement signature on the back of a check that specifies the conditions under which the check can be transferred or paid out |
Preauthorized Payments | The most popular method of payment whereby your fixed monthly payment is debited directly from your bank account |
Stop Payment Order | make it so you can't cash the check |
Direct Deposit | The electronic transfer of a payment directly from one's account to another |
Overdraft Protection | when the checks more than the account balance |
Online Banking | when you use your bank account online |
Joint Checking | an account owned by tow or more people |
Debit Card | allowing you to take money out of another banks ATM from your own account |
Electronic Funds Transfer | transferring funds from one account to another |
Overdraft | drawing to much money out of your account |
Wire transfer | transferring money to anothers account |