chapter 5 Flashcards
check
a business form ordering a bank to pay cash from a bank account
a bank account from which payments can be ordered by a deposited
checking account
two things opening a checking account
signature, deposit slip
bank form that lists checks, currency, and coins an account holder is adding to the bank account
deposit slip
a signature or stamp on the back of a check transferring ownership
endorsement
three types of commonly used endorsements
blank endorsement, special endorsement, restrictive endorsement
an endorsement consisting only of the endorsers signature
blank endorsement
special endorsement is sometimes known as
endorsement in full
endorsement restricting further transfer of check’s ownership
restrictive endorsement
a report of deposits withdrawals and bank balances sent to a deposited by a bank is called
bank statement
check that has been paid by the bank
a canceled check
check that a bank refuses to pay
dishonored check
check dishonored by the bank because of insufficient funds in the account of the maker of the check
non-sufficient funds check
a non-sufficient funds check also known as
NSF-check
computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
electronic funds transfer