2. Types of Checks
Cashier’s Postdated check
Certified Stale check
Electronic Traveler’s check
Limited check Voucher check
Money order
3. Check Components
Date
Words of negotiability
Payee
Numeric amount
Written amount
Financial institution
Signature
4. Check Endorsement
Blank endorsement
Signature only
Should not be used until check is about to be cashed
Restrictive endorsement
Used to endorse checks as they are received
“Pay to the order of ”
5. Accepting Checks
Do not accept:
Third party checks
Checks marked “paid in full”
Money order with more than one endorsement
6. Common Check Writing Errors
Written and numeric amounts do not match
Wrong date
Unsigned checks
Signature does not match
Alterations or modifications
7. Preparing Checks
Must have five essential factors
Date
Payee
Numeric and written amounts
Payer signature
Must fill out check register
9. Bank Statements
Provide a summary of financial transactions over a period of
time
Mailed or emailed to account holder monthly
Reconcile the bank statement each month
