Vocab

Question 1

What do you need to open a checking account?

Answer 1

ID and Money

Question 2

Information on signature account

Answer 2

signature, social security number, contact info, employers info, type of accounts

Question 3

When you are writing a check what should you always do?

Answer 3

use pen, start to the far left, and don’t sign until ready to send

Question 4

Individual account

Answer 4

1 person is authorized to use account

Question 5

joint account

Answer 5

2 people authorized to use account

Question 6

Service charge

Answer 6

extra fees charged by banks ($4-$30) example using ATM’s from other banks, stop payment order, “Bouncing” a check

Question 7

Overdrafting

Answer 7

writing a check, trying to cash an over drafted check

Question 8

Check register

Answer 8

your record of all transactions for your account

Question 9

Bank Statement

Answer 9

bank’s record of all transactions for your account, send one per month

Question 10

Reconcilement statement

Answer 10

comparing your check register to Bank’s statement

Question 11

Magnetic Ink

Answer 11

numbers at lower left corner of check that allows it to be processed electronically

Question 12

Stop Payment Order/ Request

Answer 12

tell bank to NOT cash the check

Question 13

Deposit Check

Answer 13

filled out to add money to account

Question 14

What does a Bank Endorsement have?

Answer 14

your signature

Question 15

What does a Restrictive Endorsement have?

Answer 15

” for deposit only” (only allows check to be deposited)

Question 16

What does a Special Endorsement have?

Answer 16

“pay to order of…” another person name, and signature

Question 17

Stale Check

Answer 17

if check is payable you isn’t cashed within 6months it becomes invalid

Question 18

Canceled Check

Answer 18

check written and cashed, will be on bank statement

Question 19

Outstanding Check

Answer 19

check written and not cashed, not on bank statement

Question 20

Over drafting/ Overdrawing check

Answer 20

for more money than you have in your account

Question 21

Teller

Answer 21

bank employee, hands out lollipops

Question 22

VOID

Answer 22

write this on check, makes it uncashable

Question 23

Checks written to cash

Answer 23

way to make money out of checking

Question 24

FDIC

Answer 24

Federal Deposit Insurance Coperation, insurance is up to $250,000

Question 25

Minimum balance

Answer 25

lowest of money you can have in account without having a service charge