a card that allows money to be deducted directly from a checking account rather than a credit 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)
Interest-Bearing Account
earns interest on the balance left in the account
Outstanding Checks
a check that hasn't cleared the bank yet
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
Bank Reconciliation
The process of seeing whether your records agree with the bank's records for your account
Overdrawn
when you write a check for more money that there is in your checking account
-usually a 35$ fee for doing so
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
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
