Check writing and Bank Recs Flashcards
A deposit you make where you ask for money back
Cash Back Deposit
When you sign the back of a check
Endorsement
The time between when a check is deposited and when that money is available
Deposit in Transit
A written order from the payer to the payee ordering the financial institution of the payer to pay the written amount
Check
A contract you sign with the bank that gives an examples of how you sign your name
Signature Card
An endorsement that only allows for the deposit of a check
Restrictive Endorsement
An endorsement that allows for a check to be deposited or cashed by the person signing the endorsement
Blank Endorsement
An endorsement where the check is being transferred to another person
Special Endorsement
A deposit only putting cash and checks into your account
Straight deposit
If there is not enough money in the account of the person writing a check it is considered to
Bounce/NSF (non-sufficient funds)
If you “bounce” a check what usually happens to your account
You will have to pay a fee
What is a reason you should never sign a blank check
If someone finds it they can put any amount and empty out your account of all funds. You would be responsible for the funds since you signed the check.
When you sign an endorsement like this:
Account #
Signature
Blank Endorsement
When you sign an endorsement like this:
Pay to the Order of
a person’s name
Signature
Special Endorsement
When you sign an endorsement like this:
For Deposit only
Account #
Signature
Restrictive Endorsement
