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Flashcards in Check writing and Bank Recs Deck (17)
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1

A deposit you make where you ask for money back

Cash Back Deposit

2

When you sign the back of a check

Endorsement

3

The time between when a check is deposited and when that money is available

Deposit in Transit

4

A written order from the payer to the payee ordering the financial institution of the payer to pay the written amount

Check

5

A contract you sign with the bank that gives an examples of how you sign your name

Signature Card

6

An endorsement that only allows for the deposit of a check

Restrictive Endorsement

7

An endorsement that allows for a check to be deposited or cashed by the person signing the endorsement

Blank Endorsement

8

An endorsement where the check is being transferred to another person

Special Endorsement

9

A deposit only putting cash and checks into your account

Straight deposit

10

If there is not enough money in the account of the person writing a check it is considered to

Bounce/NSF (non-sufficient funds)

11

If you "bounce" a check what usually happens to your account

You will have to pay a fee

12

What is a reason you should never sign a blank check

If someone finds it they can put any amount and empty out your account of all funds. You would be responsible for the funds since you signed the check.

13

When you sign an endorsement like this:
Account #
Signature

Blank Endorsement

14

When you sign an endorsement like this:
Pay to the Order of
a person's name
Signature

Special Endorsement

15

When you sign an endorsement like this:
For Deposit only
Account #
Signature

Restrictive Endorsement

16

What are the 6 steps to writing a check (in order)

Date
Who you are paying
Amount in numbers
Amount in words
Memo
Signature

17

What are 2 tips to consider when writing a check

Never use pencil
Never sign a blank check