Chapter 11 Flashcards
bank statement
once a month your bank sends you a statement listing all the activity in your account for a specific period of time
bank reconciliation
a report that accounts for the difference between the bank statement and your checkbook balance
cancelled check
a check that you have written that has been paid by your bank
certificate of deposit
a certificate issued by a bank to a person depositing money for a specific length of time
checkbook register
document used to record financial transactions in cash
deposit
sum of money placed or kept in a bank
deposit slip
a bank form listing the cash and checks to be deposited
direct deposit
the electronic transfer of a payment directly from the payer’s account to the recipient
endorsement
your signature on the back of a check
payee
the person or business to whom a check is written
drawer
the person who signs a check
bounced check
a check that cannot be processed bc the writer has insufficient funds
overdraft privileges
Overdraft Privilege applies to checks, ACH items and check card purchases (optional) only. There is no limit to the number of fees we may charge you for overdrawing your account per day or per statement period.
withdrawal
taking money out of the bank
outstanding check
a check you have written that has not yet been paid by your bank
