Chapter 29 Terms
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| 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
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| 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
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| Interest-Bearing Account | earns interest on the balance left in the account
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| 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)
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| Overdrawn | when you write a check for more money that there is in your checking account
-usually a 35$ fee for doing so
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| Overdraft Protection | a prearranged line of credit for overdrawn checks
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| 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
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| Debit Card | a card that allows money to be deducted directly from a checking account rather than a credit account
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| 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
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| 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
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| 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
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| Canceled Checks | checks that are written that have been cashed
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| Bank Reconciliation | The process of seeing whether your records agree with the bank's records for your account
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| Outstanding Checks | a check that hasn't cleared the bank yet
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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