Banking and Checking
Pat Papazoglou
Void
http://www.wikihow.com/Void-a-Check
Endorse
• http://www.wikihow.com/Endorse-a-Check
Balance forward
• Regularly recalculate the balance in the account.
You can do this at each transaction, or you can do
this less frequently, for example when you sit
down to do bills. If you have a history of bounced
check, you should do this at every transaction or
every other transaction.
Subtract the amount of any expense, payment,
check, or withdrawal from the total.
Subtract any transfer out of the account.
Add the amount of any deposit, credit, or
transfer into the account to the total.
Signature line
• http://banking.about.com/od/checkingaccoun
ts/ss/Parts-Of-A-Check-What-All-TheNumbers-Mean_8.htm#step-heading
Credit
Credits are deposits or transfers of money into
your account. Credits include cash or check
deposits you make at the teller line, Automated
Clearing House ("ACH") credits such as
automated payroll deposits, and online banking
transfers you make from another account.
Check
Debit
• Debits are withdrawals or transfers or money
out of your account. When you write a check,
use your ATM or Visa® Debit (Check) card to
withdraw funds or make a purchase, or make
online transfers out of your account, we debit
your account for the amount of the
transaction.
Routing number
• Your bank routing number is a nine-digit code
that's based on the U.S. Bank location where your
account was opened. It's the first set of numbers
printed on the bottom of your checks, on the left
side. You can also find it in the chart below.
• U.S. Bank ABA Routing Number (RTN) | SWIFT
Code ...
• https://www.usbank.com/checking/aba-routingnumber.html
Account number
• If you are looking for your account number,
review your account statement or look for the
set of numbers on the right of the routing
number on your checks.
Stub
• A part of a check that is kept for record keeping
purposes. For example, the stub is the part of a
payroll check that includes information about the
current paycheck as well as payments to date.
The check stub can also be a carbon copy of a
check that is made when the original check is
written.
• Read more:
http://www.businessdictionary.com/definition/ch
eck-stub.html#ixzz3KlJ5uwLO
Amount line
• When writing a check, you have to specify the
amount using numerals (in the box on the
right hand side) as well as words (on the line
that says “Pay”). This practice helps to avoid
confusion; if it’s difficult to read one section,
you can always double check using the other
section.
• $10.00
• Ten dollars
Register
• You should use your check register as often as possible. Enter every
transaction into it. When you write a check or use your debit card,
put the transaction in your check register immediately. At the least,
you should save ATM and debit card receipts and enter those
transactions in your check register weekly.
• Check number (or category) ACH Deposits, withdrawals from cash
machines, dbit card use
• Date
• Description
• Payment/Debit (-) - for payments, fees, and withdrawals
• Deposit/Credit (+) - for deposits, interest, and deposits
• Balance
Deposit Ticket
• http://www.wikihow.com/Fill-out-a-CheckingDeposit-Slip
Bank
• Establishment for the custody, loan, exchange,
or issue of money, for the extension of credit,
and for facilitating the transmission of funds.
• A financial institution licensed as a receiver of
deposits. There are two types of banks:
commercial/retail banks and investment
banks. In most countries, banks are regulated
by the national government or central bank.
Credit Union
• a nonprofit-making money cooperative whose members
can borrow from pooled deposits at low interest rates.
• Member-owned financial co-operative. These institutions
are created and operated by its members and profits are
shared amongst the owners.
• As soon as you deposit funds into a credit union account,
you become a partial owner and participate in the union's
profitability. Credit unions are formed by large corporations
and organizations for their employees and members.