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