Managing Your Personal Finances Ch. 9 - Mr Brain

bank reconciliation

The process of matching your checkbook register with the bank statement

blank endorsement

The signature of the payee written exactly as his or her name appears on the front of the check.

canceled check

A check that has cleared your account

check

A written order to a bank to pay the amount stated to the person or business named on it

checkbook register

A booklet used to record checking account transactions

demand deposit

A type of bank account from which funds may be withdrawn at any time

floating a check

Writing a check and hoping to cover it before it clears

overdraft

A check written for more money than your account contains

restrictive endorsement

An endorsement that limits the use of a check

special endorsement

An endorsement that transfers the right to cash a check to someone else

cashier's check

A check written by a bank on its own funds

certified check

A personal check that the bank guarantees to be good

debit card

A plastic card that deducts money from a checking account almost immediately to pay for purchases

electronic funds transfer

A computer-based system that moves money from one account to another without writing a check or using cash

overdraft protection

A bank service that covers checks even if you have insufficient funds in your checking account

safe deposit box

A place at your bank available to store valuable items or documents

stop-payment order

A request that the bank not honor a specific check

traveler's check

Check forms in specific denominations that are used instead of cash while traveling

trustee

A person or an institution that manages property for the benefit of someone else under a special agreement.

notary public

A person who verifies a person's identity, witnesses the person's signature on a legal document, and then "notarizes" the signature as valid.