FABM2_Q2_Summative

What account is intended to provide an incentive for the depositor to save money?

What type of savings account is held for a fixed-term and can be withdrawn only after the lapse of the agreed period?

Which type of slip is used to get money out from the account?

What document orders a bank to pay a specific amount of money from a person's account to another person?

What do you call a person or entity who makes the check ?

Money held under this account can be withdrawn through issuance of a check. Banks usually allows numerous withdrawals and unlimited deposit under this type of account.

The interest rate for checking account is usually lower as compared to a savings account.

What do you call a person or entity that will be the recipient of the money on the check?

The bank or other financial institution where the cheque can be presented for payment is called _____________.

A common instruction is to specify that it must be deposited directly into an account of the payee. It is usually done by writing two parallel lines on the upper left portion of the check.

A cheque which a bank will not accept and exchange for money or payment because it was written more than a certain number of months ago.

It is a form/document that shows detailed transaction history of the bank account over the reporting period.

It is the monthly fee charged by the bank for its services (Ex. cost of printing checks writing funds to other locations and other fees)

NSF stands for _______________________

The following are examples of credit transactions except ____________.