PF- Checking Accounts Flashcards

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Bank Reconciliation

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

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Blank Endorsement

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back of check signed with just a signature

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19 Terms

1
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Bank Reconciliation

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

2
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Blank Endorsement

back of check signed with just a signature

3
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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

4
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Checkbook Register

A booklet used to record checking account transactions.

5
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Debit Card

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

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Overdraft

A check written for more money than your account contains.

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outstanding checks

checks written that have not been processed by the bank yet

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deposit

to put money into an bank account

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withdrawal

to take money out of a bank account

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voided check

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

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bank statement

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

12
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endorsement

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

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special endorsement

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

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restrictive endorsement

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

15
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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

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Canceled check

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

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Certified check

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

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Cashier's check

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

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Stop Payment Order

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