Vocab Flashcards
(25 cards)
What do you need to open a checking account?
ID and Money
Information on signature account
signature, social security number, contact info, employers info, type of accounts
When you are writing a check what should you always do?
use pen, start to the far left, and don’t sign until ready to send
Individual account
1 person is authorized to use account
joint account
2 people authorized to use account
Service charge
extra fees charged by banks ($4-$30) example using ATM’s from other banks, stop payment order, “Bouncing” a check
Overdrafting
writing a check, trying to cash an over drafted check
Check register
your record of all transactions for your account
Bank Statement
bank’s record of all transactions for your account, send one per month
Reconcilement statement
comparing your check register to Bank’s statement
Magnetic Ink
numbers at lower left corner of check that allows it to be processed electronically
Stop Payment Order/ Request
tell bank to NOT cash the check
Deposit Check
filled out to add money to account
What does a Bank Endorsement have?
your signature
What does a Restrictive Endorsement have?
” for deposit only” (only allows check to be deposited)
What does a Special Endorsement have?
“pay to order of…” another person name, and signature
Stale Check
if check is payable you isn’t cashed within 6months it becomes invalid
Canceled Check
check written and cashed, will be on bank statement
Outstanding Check
check written and not cashed, not on bank statement
Over drafting/ Overdrawing check
for more money than you have in your account
Teller
bank employee, hands out lollipops
VOID
write this on check, makes it uncashable
Checks written to cash
way to make money out of checking
FDIC
Federal Deposit Insurance Coperation, insurance is up to $250,000
