TERMS AND DEFINITIONS
Terms
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- WHAT IS AN ENDORSEMENT
- A PAYEE SIGNATURE ON THE BACK OF A CHECK
- WHAT IS A ENDORSER
- PAYEE ON THE CHECK
- WHAT IS AN ABA #
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A CODE FOUND IN THE RIGHT UPPER CORNER OF A PRINTED CHECK
ORIGINATED BY ABA
IT ID'S WHERE THE BANK IS LOCATED
BUSINESS CHECKS ABA WILL APPEAR WITH A SLASH - ELECTRONIC FUND TRANSFER SYSTEM
- MOVES MONEY WITH OUT A CHECK OR DEPOSIT SLIP
- DEPOSIT RECORD
- A SLIP GIVEN TO CUSTOMER AT THE TIME OF DEPOSIT SERVES AS PROOF
- CASHIER CHECK
- A QUARANTEED CHECK WRITTEN BY THE BANK UPON FULL PAYMENT
- BANK BOOK
- KEEPS RECORD OF THE ACCOUNT
- MICR
-
PRINTED MAGNETIC INK ON CHECKS AND DEPOSIT SLIPS
1ST ID'S THE CHECK
2NDID'S THE ACCOUNT NUMBER
3RDID'S THE CHECK NUMBER
WHEN PROCESSED ADDITIONAL MICR# ARE ADDED WHICH ID'S CHECK AMOUNT - BANK STSAEMENT
-
KEEPS A RECORD OF A CHECKING ACCOUNT SHOWING:
BEGINING BALANCE
DEPOSITS MADE
CHECKS DRAWN
CLOSING BALANCE - CERT. CHECK
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AMOUNT IS HELD IN CUSTOMERS ACCOUNT UNTIL CHECK IS CASHED
ACCEPTED WHEN A PERSONAL CHECK IS NOT