Chap 14 - Voc test

Occur when you authorize someone to take money out of your bank account automatically to satisfy some financial obligation

• bank drafts

• cashier's check

• certified checks

• check

Checks written on your account that have been verified by the bank

• certified checks

• cashier's check

• bank drafts

• checking account

A type of check written to a specific payee but charged against the bank instead of your account

• cashier's check

• bank drafts

• checking account

• check

A written order from you to your bank instructing it to pay money from your account to another party.

• check

• bank drafts

• certified checks

• checking account

An account into which you deposit money and from which you gradually withdraw money by writing checks or using a debit card

• checking account

• certified checks

• bank drafts

• cashier's check

A small ledger the bank will provide you for keeping track of your account balance.

• check register

• credit union

• debit card

• depository institutions

Functions similarly to a bank but has nonprofit status and is owned by its members

• credit union

• debit card

• check register

• depository institutions

Financial institutions that provide traditional checking and savings accounts for individuals and businesses. They also provide loans.

• Depository Institutions

• debit card

• check register

• credit union

Enables you to withdraw cash from your account at ATMs, or pay directly for goods or services at many stores and restaurants.

• debit card

• credit union

• check register

• depository institutions

Whenever you authorize someone to access your bank account for payment or for deposit

• electronic funds transfer

• debit card

• check register

• credit union