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11 Cards in this Set
- Front
- Back
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Where do you endorse a check? How much space do you have to endorse it? |
The bank, sign your name on the back using the first inch and 1/2. |
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What should you do in your checkbook everytime you make a transaction? |
Add or subtract from your balance each time you write a check |
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Where is the routing number on checks? |
Bottom left hand corner of the check |
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What is the entire line of number at the bottom of the check called? |
MICR (magnetic ink character recognition) |
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Where are checks sent to be cleared and processed? |
Federal Reserve or local clearinghouse |
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How are the magnetic in characters read? |
By sorting machines |
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Who else processes checks besides the Fed? |
Clearinghouse association |
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What is a debit card |
A card tied to your checking account |
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What is direct deposit? |
Money deposited directly into your checking and savings account |
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What network do banks send and receive electronic payments through |
FedACH or EPN |
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What must customers give banks if they want electronic deposits sent to their accounts? |
Give the sender their account information- routing # and account # |
