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20 Cards in this Set
- Front
- Back
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Drawee
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name of the bank or other financial institution that pays check.
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routing #(AKA ABA Number)
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Banks ID code for electronic sorting & routing.
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Account number
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# to identify the account you own at your bank.
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check register
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seperate book to record transactions that affect your checking account. (deposits, fees, interest, withdrawal)
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Duplicate check/copy
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a copy of the check may automatically be written when you write the check - carbon copy
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7 steps for maintaining a check register
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Date
Check # or Code description of transaction Payee/deposit Amount in correct column New account balance Transfer ending balance to new page |
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8 steps for proper check writing
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write checks only on forms provided by bank.
write checks in ink. only write checks fr $ available use current date avoid making checks payable to "cash" always fill in amount void checks on which you make errors record everythinng!! |
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stop payment order
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written notice that tells the bank not to pay a certain check.
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Void
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make a check invalid
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NSF/Overdraft/Bounced
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writing a check for more than what is in your account.
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post-dated
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writes a check for a future date. ILLEGAL!
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Stale-dated
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check has expired. usually 6 months
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MICR ink
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magnetic ink character recognition special ink used on check allows checks to be electronically sorted.
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overdraft
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spending more than what you have
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check card /debit card
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using plastic instead of cash of writing a check.
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outstanding checks.
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checks, deposits, etc that have not been deducted from the bank statment
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certified checks
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personal check the bank verifies that sufficient funds exist in the account to cover the check at the time the check is written.
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cashiers checks.
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funds are not drawn from you personal account but rather the banks account.
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travelers checks
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make payments away from home. replaced if stolen/lost
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money orders
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person who needs to send a payment but does not have a checking account
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