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Checking Terms
Term | Definition |
---|---|
Cancelled checks | a check that has been redeemed by a bank and then usually returned to the issuer. |
Outstanding checks | A valid check which, although possibly already cashed, has not yet been returned for processing to the financial institution from where it originated |
Bank Statement | A timeline of the transactions that affect an individual or business account. |
Reconcile | to make two financial accounts or statements agree |
Endorse | A signature used to legally transfer a negotiable instrument. |
Deposit Ticket | A written notification accompanying a bank deposit which specifics and categorizes the funds (such as checks, bills and coins) being deposited. |
Certified Check | A check for which the bank guarantees payment |
Blank Endorsement | An endorsement consisting of nothing but a signature and allowing any party in possession of the endorsed item to execute a claim. |
Special Endorsement | consists of a signature and a statement identifying the entity to which the check should be paid. |
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 |
Stop Payment Order | An order to a bank not to honor the payment of a check after it has been delivered but before it has been cashed. |
Direct Deposit | The deposit of funds directly into a bank account as a form of payment. |
Overdraft Protection | A checking account feature in which a person has a line of credit to write checks for more than the actual account balance. |
Online Banking | When you do banking online |
Joint Checking | Any account joined by two or more people |
Debit Card | A card which allows customers to access their funds immediately, electronically |
Electronic Funds Transfer | Any transfer of funds that is initiated by electronics |
Overdraft | The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation. |
Wire transfer | An electronic transfer of funds. |