BANKING AFFAIRS

Detailed explanation-1: -Warrants. Warrants look like cheques and clear through the banking system like cheques, but are not drawn against cleared funds in a deposit account.

Detailed explanation-2: -Legal tender serves the economic functions of money plus a few additional functions, such as making monetary policy and currency manipulation possible.

Detailed explanation-3: -A deposit slip is a small paper form that a bank customer includes when depositing funds into a bank account. A deposit slip, by definition, contains the date, the name of the depositor, the depositor’s account number, and the amounts being deposited.

Detailed explanation-4: -A personal check is a paper slip from your bank, credit union or financial institution that is signed by you, the account holder. It comes from a personal checking account and includes the amount of money to be withdrawn, the checking account number, routing number and the payee’s name.

Detailed explanation-5: -A debit card uses funds from your bank account while a credit card is linked to a credit line that can be paid back later, which gives you more time to pay for your purchases. A customer’s credit line depends on their creditworthiness.