CHECKING VOCABULARY Lesson 1. CHECK A check is a written, dated and signed slip of paper that contains an unconditional order from the drawer that directs.

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Presentation transcript:

CHECKING VOCABULARY Lesson 1

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.