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10 Cards in this Set
- Front
- Back
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an account that allows depositors to write checks to make payments
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a checking account
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written order to a bank to pay the stated amount to the person or buisness(payee) named to it
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a check
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what are three advantages of a checking account?
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1.provides convenient way to pay bills
2.SAFER than using cash and handling money 3.built in PROOF OF PAYMEMNT (record keeping) system that you can see |
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What is the first step to opening a checking account?
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fill out and sign signature card
-provides official signature for the bank to compare to the signature to track your expenses |
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what is step two to opening a checking account?
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make a deposit
-you need money in your account before you can use it! |
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what are the rules to writing a check?
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1.always use pen
2.write legibly 3.sign your name as you did on signature card 4.write VOID across the check if you make a mistake 5.have enough funds in your account to cover each check you write |
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what is an endoresement that can be cashed to anyone that posses it?
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a blank endorsement
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what is an endoresement that can be depostied straight into and account?
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a restrictive endorsement
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what is an endorsement that no one except the person whose name is stated on the endoresement can cash the check?
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endoresement in full (special endorsement)
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what is a booklet/form for recording your checking account transactions?
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a checkbook register (check register)
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