PF- Checking Accounts Flashcards

Bank Reconciliation

The process of matching your checkbook register with the bank statement.

Blank Endorsement

back of check signed with just a signature

Check

A form of payment that is dated and signed by the payor, directing the payor's bank to pay a specific amount of money to the payee the check is written

Checkbook Register

A booklet used to record checking account transactions.

Debit Card

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

Overdraft

A check written for more money than your account contains.

outstanding checks

checks written that have not been processed by the bank yet

deposit

to put money into an bank account

withdrawal

to take money out of a bank account

voided check

a check with "VOID" written across it that cannot be processed

bank statement

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank

endorsement

A signature or stamp on the back of a check transferring ownership

special endorsement

transferring ownership of a check by writing "Pay to the order of: _ "

restrictive endorsement

an endorsement that says "FOR DEPOSIT ONLY" on the back of the check

P2P banking

banking funds transferred "peer-to-peer" via a third-party website or mobile app such as: Cash App, PayPal, Venmo, and Apple Pay

Canceled check

a check which has been paid by the bank and cleared your account

Certified check

a personal check that the bank guarantees or certifies to be good

Cashier's check

a check written by a bank on its own funds and guaranteed by the bank

Stop Payment Order

a request that a bank or other financial institution not cash a particular check (fee charged for this service)