module 1 Flashcards
funds entrusted by a depositor to a bank for safekeeping
bank account
types of bank accounts
- savings
- current or checking account
- time deposit or term deposit
earns modest interest rate and intended to encourage savings
savings account
normally evidenced by a passbook
savings account
savings account are evidenced by?
passbook
show deposits and withdrawals in saving account
passbook
depositor may receive an automatic teller machine
savings account
can be use as debit card
atm of savings account
can pay for items by swiping the card and just like a credit card
debit card
bank account where depositor can write checks
current or checking account
an investment that orders a bank (drawee) to pay the person named on the check or bearer thereof (payee) a definite amount of money from the drawer’s bank acc
check
a book containing preprinted blank checks
check book
who receives check book
depositor
refer to an interest-bearing fund maintained at a bank for a fixed period of time
time deposit / term deposit
similar to savings account but earns higher interest
time deposit / term deposit
denominated in fixed amounts and cannot be withdrawn until maturity date
time deposit/ term deposit
time / term deposit is evidenced by
certificate of time deposit
used to take out money or to put in money to the depositor
preparation of bank deposit and withdrawal slip
parts of the check
drawer
payee
drawee
date
the one writing the check
drawer
owner of the money
drawer
drawer’s signature appear on the
front
instructs the drawee to pay the payee the amount stated on the check
drawer
entitled to payment from the drawee
payee
named on the check, bearer thereof
payee
the one who receives the money
payee
the bank in which the drawer’s bank acc is maintained
drawee
the one who release money
drawee
cases of date
antedated
postdated
dated earlier
antedated
later date
postdated
what do you call the check that not been encash for period of 6 months or longer
stale check
signature of payee i son the
back
report issued by the bank
bank statement