My #8

Unit #8

The Medical Assistant, 13th Edition

Chapter 17: Banking Services and Procedures

VOCABULARY REVIEW One point each (1)

Fill in the blank with the correct vocabulary terms from the list.

A check that is not honored by the bank issuing the check because there were not sufficient funds in the entity’s bank account or the account has been closed _________________________________
The misuse of a healthcare facility’s funds for personal gain _________________________________
A payment the bank makes in exchange for using money _________________________________
Money in a bank account that is not assigned to pay for any office expenses _________________________________
A bank draft or an order to pay a certain sum of money on demand to a specified person or entity _________________________________
Global technology that includes embedded microchips that store and protect cardholder data _________________________________
A document used to withdraw money from one bank account and deposit it into another _________________________________
The bank on which the check is drawn or written _________________________________
A bank account against which checks can be written and funds can be transferred to the payable party _________________________________
The person who signs his or her name on the back of a check for the purpose of transferring all rights in the check to another party _________________________________
A capital sum of money due as a debt or used as a fund for which interest is either charged or paid _________________________________
The person presenting the check for payment _________________________________
Nine-digit code printed on the bottom left side of checks that identifies the bank upon which the check was drawn _________________________________

Check
Checking Account
Discretionary income
Drawee
Endorser
Embezzlement
EMV chip technology
Holder
Interest
Negotiable instruments
Nonsufficient funds check
Principal
Routing transit number

SKILLS AND CONCEPTS

Part I: Short Answers

(4 points) Describe the following types of banking fees.
1. Account maintenance fee:_______________________________________________
2. Overdraft fee:__________________________________________________________
3. Nonsufficient funds fee:_________________________________________________
4. Transaction fee:________________________________________________________
(1 point) In the ambulatory care setting, what is the checking account used for?

_________________________________________________________________________

(1 point) In the ambulatory care setting, what is a savings account used for?

_________________________________________________________________________

(2 points) You are a medical assistant in a small practice and have been told that you now have the responsibility for paying the bills by writing out and signing the checks. What is the first action you need to take before writing out the first check?

_________________________________________________________________________

(5 points) Name six activities that can be done with basic online banking services.
1. ____________________________________________________________________
2. ____________________________________________________________________
3. ____________________________________________________________________
4. ____________________________________________________________________
5. ____________________________________________________________________
6. ____________________________________________________________________
(4 points) List the four requirements for a check to be negotiable.
1. ____________________________________________________________________
2. ____________________________________________________________________
3. ____________________________________________________________________
4. ____________________________________________________________________
(5 points) Name five documents that can be used to withdraw money from one bank account and deposit it into another.
1. ____________________________________________________________________
2. ____________________________________________________________________
3. ____________________________________________________________________
4. ____________________________________________________________________
5. ____________________________________________________________________
(5 points) Describe five precautions for accepting checks in the healthcare facility.
1. ____________________________________________________________________
2. ______________________________________________________________________
3. ____________________________________________________________________
4. ____________________________________________________________________
5. ____________________________________________________________________
(1 point) Describe the adjustments that are made to the patient’s account when an NSF check is received by the healthcare facility.

_________________________________________________________________________

(4 points) Describe four precautions to take if a patient is paying with cash.
1. ____________________________________________________________________
2. ____________________________________________________________________
3. ____________________________________________________________________
4. ____________________________________________________________________
(1 point) Describe precautions to take when a patient pays with a debit card or a credit card.

_________________________________________________________________________

(5 points) Describe the banking procedures as related to the ambulatory care setting and include the medical assistant’s role with each procedure:
1. Making bank deposits:_________________________________________________
2. Preparing a bank deposit:_______________________________________________
3. Endorsing checks:_____________________________________________________
4. Writing checks:________________________________________________________
5. Bank statement reconciliation:_____________________________________________
(1 point) Why is it important to make bank deposits of cash and checks daily?

_________________________________________________________________________

(3 points) Describe three ways to do a mobile deposit of a check.
1. ______________________________________________________________________
2. ____________________________________________________________________
3. ____________________________________________________________________
(3 points) Describe each type of endorsement.
1. Blank endorsement:____________________________________________________
2. Restrictive endorsement:_________________________________________________
3. Special endorsement:____________________________________________________
(1 point) With regard to checks, define stop-payment.

_________________________________________________________________________

(3 points) List three reasons a stop-payment would be done.
1. ____________________________________________________________________
2. ____________________________________________________________________
3. ____________________________________________________________________
(1 point) Define direct deposit.

_________________________________________________________________________

(1 point) If a mistake is made when preparing a check, what should be done?

_________________________________________________________________________

(1 point) What is a fidelity bond?

_________________________________________________________________________