A draft drawn ordering a bank to pay out an amount of funds.
What is a check?
100
A check that is presented more than 6 months after its date.
What is a stale check?
100
The first bank to receive a check for payment.
What is a depository bank?
100
Moving money through the use of a phone, computer or terminal.
What is Electronic Funds Transfer?
100
Funds stored on microchips and other computer devices.
What is digital cash/or e-money?
200
When a bank draws a check on itself.
What is a cashiers check?
200
A bank can continue to pay checks up to 10 days after ____.
What is a customers death?
200
This type of bank receives a check on Tuesday and must forward to the next bank before Midnight on Wednesday.
What is collection bank?
200
Automated teller machine (ATM), internet payment systems, point of sales systems (POS), direct deposits and withdrawals are examples of ___________________.
What is types of Electronic Funds Transfer (EFT) systems?
200
A card with an magnetic strip which holds data and access to stored funds.
What is stored value cards?
Examples are retail gift cards, prepaid credit and debit cards
300
A check that has been accepted in writing by the bank as which it is drawn.
What is certified check?
300
This in affect for six months, then the check in question becomes a stale check.
What is stop payment order?
300
Central banking system for the USA is made up of 12 regional banks.
What is Federal Reserve System?
300
The 4 ____________ consist of monthly statements, customer notification of fraud, customer reports errors to the bank, and bank furnishes receipts of purchases to customer.
What is disclosure requirements?
300
A Microchip card which holds more data than magnetic strips
What is a smart card?
400
When Chelsea writes a check to pay for tuition, she is the drawer, the bank is the drawee and DCTC is the ________.
What is a payee?
400
One must report any forged checks to the bank within _____
What is 30 days?
400
Check 21 created a new negotiable instrument called _____.
What is a substitute check.
400
This action is a federal felony and those convicted of it may be fined up to $10,000 and sentenced as long as 10 years in prison.
What is unauthorized EFT use?
400
________ prohibits persons from knowingly divulging customers private financial information.
What is the Financial Services Modernization Act of 1999?
Also known as Gram-Leach-Bliley Act
500
The most common type of negotiable instrument is ______.
What is a check?
500
When unapproved alterations to a check is made.
What is a forgery?
500
An_________ is an electronic version of a paper check, used to process a payment.
What is an electronic check?
500
Funds wired by one bank to another bank.
What is a commercial transfer?
500
Bill consolidation, payments, transferring fund, and applying for loans.