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CHECKING ACCOUNT TERMS

CHECKS- The printed form used by a bank customer ordering the bank to pay cash from his account.

DRAWER- The person who signs the check which orders the bank to pay cash from his account.

PAYEE- The person, firm or organization to whom the check is made payable.

ENDORSER- The signature of the payee on the back of the check. There may be many endorsements on the back of a check.

BANK SERVICE CHARGE- A charge made by a bank for servicing the checking account.

DEPOSIT TICKET- The form provided by the bank on which the depositor lists all the cash and checks to be deposited to his account.

BANK STATEMENT- The form the bank perodically (usually monthly) provides to its customers that shows the deposits, withdrawals and balance in their checking accounts.

RECONCILEMENT OF ACCOUNT- the steps taken for verifying the accuracy of the checkbook record and the bank statement.

CANCELLED CHECKS- Checks that have been paid and returned to the depositor in the bank statement.

SIGNATURE CARD- A card signed by each checking account customer of the bank. The signature card is technically a contract between the bank and its customers, in that it recites the obligations of both in their relationship with each other. The principal use of the signature card is that of identification of the customer.

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