Please Define the Following Key Terms

question 88

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Charles Martel

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Definitions:

Third-Party

An entity or individual not directly involved in a transaction or agreement but who may be affected by it or have an interest in it.

Honoring Checks

The act of accepting a check as payment and processing it as directed by the terms written on the check.

Drawer-Depositor

An individual or entity that has the authority to write and deposit checks within a banking relationship.

Overdraft

refers to a situation where an account balance goes below zero because more money has been withdrawn from the account than was available.