Banking Unit 1 Flashcards
The act of adding money into my account it is called a what?1
Deposit
This is unique to the individual, and is needed to open a checking account
Social Security #
A debit card, check and ATM cash withdrawal deduct money straight from your what?
Checking Account
This institution is for profit
Bank
Always write your checks out with this writing utensil
Pen
This institution is community oriented and is a nonprofit cooperative
Credit Union
Used to add cash or checks to your checking/savings account
Deposit Slip
You should call your bank and ask them to adjust the balance on your account if you are charged a what?
Bank Service Charge
If you make a mistake on the check you are writing, write this in big letters across the entire check
VOID
The person listed in the top corner of their check, is called the what?
Drawer
The act of monitoring your account for errors and unauthorized transactions
Balancing your checkbook
The process of matching your checkbook register with the bank statement is known as what?
Reconciliation – Reconciling your checkbook
Unlike using a check which can take days to hit your account, funds are immediately taken out of your account when this is used
Debit Card
The safest option when receiving your paycheck
Direct Deposit
Writing a check for more money than you have, knowing that you will get paid before the check hits your account is called
Floating a check
The monthly notice you receive from your bank with a record of all your transactions
Bank Statement
The specific number associated that identifies a bank is called the
Routing Number
An issued payment to a vendor that is set up to pay at a certain time every month
Automatic Withdrawal
Writing checks can be a disadvantage due to delayed deduction and the possibility of what?
Check Fraud
When Endorsing a check, you should sign your name and write what three words?
For Deposit Only
You keep track of the amount of money checks were written for in what?
Check Register
You can use this stand alone kiosk to both deposit and withdraw money.
ATM
Some banks offer these for their customers to store small valuable items/documents
Safe Deposit Box
NSF is short for what?
Nonsufficient funds
This type of endorsement would assign the value of a check to a third party
Special Endorsement
