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A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
Credit Card
Where you record all of the check and cash transactions your business has during an accounting period.
Check Register
A list of all transactions for a bank account over a set period, usually monthly.
Checking Statement
Used to pay for goods and services. Bank cards with preset, limited value. Alternative to cash
Stored Value Cards
What is a checking account used for?
Checking accounts allow you to deposit money that you can then draw against to pay bills or make purchases
A computerized electronic machine that performs basic banking functions.
ATM
An institution that deals in money and its substitutes and provides other money-related services.
Bank
A legal document that outlines the responsibilities of an individual when it comes to handling finances.
Checking Agreement-
How to write a check
Date, who are u paying to, payment in numbers, payingment amount in words, payment is for on MEMO, sign
What does bouncing a check mean?
When your check bounces, it's rejected by the recipient's bank because there aren't enough funds in your account at the time of processing.
A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.
Check
A deficit in a bank account caused by drawing more money than the account holds.
Overdraft
A payment you make directly to another person using a P2P payment service.
Person to Person Payment
How are funds accessed from a checking account?
These accounts can be accessed in several ways, including checks, debit cards, and ATMs
What is an outstanding deposit?
An outstanding deposit is a receipt shown in your accounting books but not on your bank statement.
An account at a bank against which checks can be drawn by the account depositor.
Checking Account
An agreement with the bank or financial institution to cover overdrafts on a checking account.
Overdraft Protection
1. Bank Cards, automated services, direct deposit, transfers between accounts, transfers to a third party, online banking, bank by phone, ATM
Electronic bank services
bank statement
official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution.
What is an outstanding check?
The definition of an outstanding check is a check that has been written, but it hasn't been cashed-deposited by the bank, or otherwise cleared the bank.
A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
Debit Card
Charged when you don't have enough cash in your account to cover a payment you've made, and as part of an overdraft protection service, the bank covers the difference for you.
Overdraft Fees
Check cards or ATM/DEbit Cards that allow for the department of goods and services to be subtracted directly from the bank deposit account. Can be used with merchants that take major credit cards knows as point of sale (POS) transactions
Bank Cards
check register
register is a document, usually part of the general ledger, used to record financial transactions in cash.
Why do people use online and mobile banking?
Checking your accounts enables you to see your balance and pending transactions at a glance, so that you know for sure if you can pay for something without overdrawing your account.