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Standard 11.0
Chapter 29 Terms
| Term | Definition |
|---|---|
| Check | written order to a bank to pay a stated sum from the drawer's account -write neatly, use cursive, use ink, legible figures, sign consistently, do not erase; VOID |
| Direct Deposit | credit from the source straight to the banking account -start of the 20th century -cash replaced by checks -1970's - direct deposit offered -highly secure |
| Interest-Bearing Account | earns interest on the balance left in the account |
| Signature Card | card signed by individual opening account and kept on file to confirm account -always sign the same way, avoid nicknames, use ink; pencil can be erased, individual or joint account (need 2 signatures with married couples) |
| Overdrawn | when you write a check for more money that there is in your checking account -usually a 35$ fee for doing so |
| Overdraft Protection | a prearranged line of credit for overdrawn checks |
| Stop Payment | order to the bank to not cash a particular check -when you do so in check register, add the money from the check back to your total balance |
| Debit Card | a card that allows money to be deducted directly from a checking account rather than a credit account |
| Check Register | personal record of your checking account; paper or electronic -check number, date, to whom the check was written, amount of the check, new balance (white line; what it's for...red line; memo) -keeps track of all transactions |
| Endorsement | signing of a document that allows for legal transfer from one party to another -trailing edge is the left side of the check when looking at the front of it |
| Bank Statement | aka- account statement monthly record sent, available to account holder summarizing all transactions -beginning balance and ending balance, debits (decreases and credits (increases) , cleared checks -record of all the transactions in a checking account |
| Canceled Checks | checks that are written that have been cashed |
| Bank Reconciliation | The process of seeing whether your records agree with the bank's records for your account |
| Outstanding Checks | a check that hasn't cleared the bank yet |
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