banking Flashcards
check
a written order to a bank to pay the amount stated to the person or business named on it.
demand deposit
A type of bank account from which money may be withdrawn at any time.
cancelled check
A check that has cleared your account.
overdraft
A check written for more money than your account contains.
Floating a check
writing a check even when you realize your account has insufficient funds - hoping the deposit will clear before the check is cashed.
Signature Form
you fill this out and provide an official signatur
Initial Deposit
most banks require that you have an initial deposit
Blank endorsement:
signature of payee written exactly as his or her name appears on the front of the check
Special endorsement:
transferring right to cash to another person
Restrictive endorsement:
restricts the use of the check
Money Market Accounts
interest bearing checking account that pays a higher rate of interest-account balance must not fall below a certain amount-not FDIC insured
Share Accounts:
credit unions offer these
Safe Deposit Boxes
secure boxes for customers to store particularly valuable small items or documents
FDIC
- federal deposit insurance corporation - protects deposits up to $250,000
NCUA
National Credit Union Administration - protects deposits up to $250.000
