Banking

Question 1

Check register:

Answer 1

Your record of your transactions.

Question 2

Signature card:

Answer 2

Joint account. 2 or more people are on the account.

Question 3

Bank statements:

Answer 3

Bank’s record of all your processed (cleared) transactions.

Question 4

Bank fees:

Answer 4

Vary with banks, calculate which plan is best for you.

Question 5

Bank/Check Reconciliation:

Answer 5

Comparing your records to the bank records.

Question 6

Outstanding checks:

Answer 6

Checks that have been written by you, but not processed by your bank. They still exist.

Question 7

Cancelled checks:

Answer 7

-Processed and cleared. (Ex: like a cashed check)
-Good thing.

Question 8

How many endorsements are there:

Answer 8

3 different kinds.

Question 9

Blank endorsement:

Answer 9

Your signature on back of check. Most often used.

Question 10

Restrictive endorsement:

Answer 10

Your name and the words “For deposit only”. Most protective .

Question 11

Special endorsement:

Answer 11

Endorsing the check over to someone else like the bank or a parent with “Pay to the order of”

Question 12

Overdraft Protection (ODP)

Answer 12

A loan account from your bank to protect you from bouncing checks.