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Unformatted text preview: - and the auditing if the processes to ensure compliance with the regulations 3)- Deposits, Direct deposits, electronic funds transfers, and interest adjustments go into a checking accounts.-withdrawal checks, electronic bill pay, automatic bill pay, adjustment fees returned checks (NSF) go out of checking accounts-write a check goes to payee payee receives check and verifies that it is them that is written on the check through their bank money transfers from check writers bank to payees bank-checks and balances o using two independent paths of data to allow verification when processing a transaction-signature card o makes someone authorized to withdrawal from the bank-endorsement o signature (with id) required to tender the check 4)- Unadjusted book balance- doesnt see interest earnings, service fees, NSF returned checks- Unadjusted bank balance- deposits in transit, outstanding checks...
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- Fall '11