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Banking

CMA03

TermDefinition
Bank- A financial institution that handles money for its customers.
Checks- Commercial paper drawn on funds deposited and held in a bank account.
Drawer- The depositor, the person writing the check.
Drawee- The bank in which the drawer has money on deposit.
Payee- The party to receive the money as directed by the drawer.
Negotiable Instruments- The right to receive money on deposit can be transferred to someone else.
Endorsement- The payee acknowledges the right to receive the money by signing the back of check.
Blank Endorsement- The check has only the payee’s signature, thus making it payable to any bearer.
Restrictive Endorsement- Directs how the check is to be made payable: e.g for deposit only, pay to the order of, etc.
Cashier’s Check- Check signed by a bank official, that is directly drawn from a person’s account.
Counter Check- A check the bank prepares as a substitute for a regular.
Money Order- A kind of check that can be purchased at the post office as well as convenience stores.
Signature Card- A document used to verify a depositor’s signature.
Deposit Ticket- A printed bank form that identifies the money items placed into an account.
Dishonered Check- A check the bank refuses to pay generally because of insufficient funds.
Overdraft- Issuing a check without sufficient funds. Illegal in most states.
Postdated Checks- Checks dated after the date it was written.
Check Stub- Small form to the left of each check that contains space to record all relevant information about a check and checking account balance.
Check Register- Information recorded in a booklet maintained with the bound checks.
Bank Statement- A statement of account rendered to each depositor once a month by a bank.
Outstanding Checks- Checks that have been written between bank statement periods.
Outstanding Deposits- Funds entered in the account between bank statement periods.
Debits- Amounts that have been deducted from the account between bank statement periods.
Credits- Amounts that have been added to the account between bank statement periods.
Reconciliation- The process of adjusting bank statement and check register balances to determine the true balance of the account.
Cancelled Check- Checks that have been paid by the bank.
Created by: itsdelis
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