Intro to Business Chapter 17 vocab

outstanding checks

checks that have not been deducted from the bank statement balance

check register

A separate form on which the depositor keeps a record of deposits and checks

back reconciliation

a statement showing by how the checkbook balance and the bank statement were brought into agreement

Stop payment order

a written notice telling the bank no to pay a certain check

commercial bank

a bank that offers a full range of financial services

debit card

a devise used for cash machine transactions

Federal Deposit Insurance Corporation (FDIC)

a federal agency that protects deposited money incase of the failure of a bank or financial institution that it regulates

service charge

a fee a bank charges for handling a checking account

Federal reserve System

a nationwide banking plan set up by the federal government to supervise & regulate member banks

credit union

a not-for-profit financial institution formed by people who have like occupations or live in the same community

bank statement

a report sent by the bank to a depositor showing the status of his or her account

safe deposit boxes

a secured area in a bank vault for storing valuables

endorsement

written evidence that you receive payment of that you transferred your right of receiving payment to someone else