Objective 4.02. Understand the Banking System. Classification of Financial Institutions. Classification of Financial Institutions. Depository Earns money to finance their business by accepting deposits from customers
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Understand the Banking System.
Classification of Financial Institutions
(NCUA) Charters and supervises credit unions
Drawer’s Name & Address
619 Main Street
Raleigh, NC 276012-131/1034
July 16, 2010
Pay To the Order of _____John Thompson______________________$100.50
_One hundred and 50/100 ------------------------------------------------------DOLLARS
State Credit Union
For _______________Charles Paige
Drawer’s Signature -
Last item completed on check!
Bank Name - Drawee
MICR Banking #s
Consists of endorser’s name only
Anyone who has a check with a blank endorsement may cash it.
Transfers payment of a check to someone else.
Can be used to make payment on a debt
Juan Delgado is the payee on this check.
Limits use of the check so it can be deposited only to endorser’s account.
Safest type of endorsement, as it cannot be cashed by a thief or someone who finds the check.
Safest endorsement to use when mailing a check for deposit or when using the ATM for deposit.
The Federal Reserve System