Professional Documents
Culture Documents
to a person or business
transactions
computer-based system to move money from the drawers account to the payees account
Bank reconciliation: process of adjusting the
statement Use the reconciliation form to list any deposits / withdrawals that do not appear on bank statement
processed
Truncated (substitute) checks: both sides are
is paid
over time
Divide the annual interest rate into 72; the answer is the number of years it will take to double
$50 invested @ 6% 72 6 = 12 In 12 years, you will have $100.
rate of interest for a specified length of time U.S. savings bond: a discount bond issued by the federal government that pays a guaranteed minimum rate of interest Maturity value: a bonds future value as stated on its face IRA (individual retirement account)
monthly service charge, there are usually requirements like . . You must have direct deposit . . . . . . You have to have a minimum balance . . Safe deposit box: a secure container located in a bank vault Overdraft protection: a bank service that covers a shortage in your account Stop payment: an instruction to the bank not to honor a check that has been issued or lost
funds Money order: a type of check used to pay bills or make payments for which the money is guaranteed Internet banking: accessing and managing your account online Smart card: a card that contains a computer chip that stores electronic money