Personal Finance- Unit 3- check endorsements, and checking account

Canceled Check

A check that has been cashed, serves as proof of payment for bills/purchases

Post-dated check

A check written with a date that will occur in the future

Deposit Slip

A small written form that is sometimes used to deposit funds into a bank account

Checkbook Register

A tool that can be used to track checking account transactions, can also provide a record of payments made for bills/purchases

Phishing

A type of internet scam

Special Endorsement

Consists of "pay to the order of", the new payee's name and the signature of the original payer, transfers the right to cash the check to someone else

Checking Account

Demand deposit account in a bank

Bank Reconciliation

Explains the difference on a specified date between the bank balance shown in your bank statements and the amount shown in your personal check register

Blank Endorsement

Just sign your name on the back, anyone can deposit the check

Check

Legal document used to transfer money

Personal Balance Sheet

Lists assets you own and their current value on a certain date

Deposit

Money added to a checking or savings account

Federal Deposit Insurance Corporation (FDIC)

Preserves and promotes public confidence in U.S financial system by monitoring risks to deposit insurance funds

Endorsing a check

Signature/instructions written on a check which authorizes the bank to cash/deposit a check

Payee

The person/company the check money is going to

Restrictive Endorsement

Write "for deposit only" and put account number, limits use of a check