checking vocabulary lesson 1. check a check is a written, dated and signed slip of paper that...
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CHECKING VOCABULARYLesson 1
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CHECK
• A check is a written, dated and signed slip of paper that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee.
• The money is drawn from a banking account, also known as a checking account.
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DEBIT
• The amount of money you record on a check it called a debit.
• A debit card is like a credit card, but you use the money in your checking account. It’s just like writing a check, but faster.
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AMOUNT LINE
• The amount line of the check is were you write the amount of money your debit will be using words.
• After you finish writing the amount, fill in the rest of the amount line with a line or squiggle.
• The box next to the line is where you write out the amount in numbers.
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SIGNATURE LINE
• The signature line is at the bottom of a check.
• You must sign it with your signature or the check is not valid.
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ENDORSE
• When you endorse a check, you sign the back of it on a special line.
• After signed, the check is ready to be deposited by you, or whoever you endorsed to deposit it.
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VOID
• When a check is marked void, you or anyone else cannot use it.
• It is essentially canceled.
• This is helpful if you made a mistake when writing a check or if your employer asks for a personal check for their records.
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BALANCE FORWARD • The amount of money that was in
the account before any of its transactions were applied, so that "opening balance" might also be a reasonable name for it.
• This is also used in a way that a ``balance forward'' is used in a ``transaction register'' (or check book) - or (even better), in a checking account statement that you might receive from your bank.
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CREDIT
• In a checking account, credit is when money gets added to your account.
• This happens if the bank makes a mistake, or your identity gets stolen.
• Credit cards allow you to “borrow” amounts of money that you later pay back.
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ACCOUNT NUMBER
• Every check has your account number on the lower left hand corner.
• It is important to know its location because you will need it when setting up automatic debits, or payments to your checking account.
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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.