Unit_8The_Medical_Assistant_13th_EditionChapter_17_Banking

Unit #8

Chapter 17: Banking Services and Procedures

VOCABULARY REVIEW One point each (1)

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

1. 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 _________________________________

2. The misuse of a healthcare facility’s funds for personal gain _________________________________

3. A payment the bank makes in exchange for using money _________________________________

4. Money in a bank account that is not assigned to pay for any office expenses _________________________________

5. A bank draft or an order to pay a certain sum of money on demand to a specified person or entity _________________________________

6. Global technology that includes embedded microchips that store and protect cardholder data _________________________________

7. A document used to withdraw money from one bank account and deposit it into another _________________________________

8. The bank on which the check is drawn or written _________________________________

9. A bank account against which checks can be written and funds can be transferred to the payable party _________________________________

10. 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 _________________________________

11. A capital sum of money due as a debt or used as a fund for which interest is either charged or paid _________________________________

12. The person presenting the check for payment _________________________________

13. Nine-digit code printed on the bottom left side of checks that identifies the bank upon which the check was drawn _________________________________

a. Check

b. Checking Account

c. Discretionary income

d. Drawee

e. Endorser

f. Embezzlement

g. EMV chip technology

h. Holder

i. Interest

j. Negotiable instruments

k. Nonsufficient funds check

l. Principal

m. Routing transit number

SKILLS AND CONCEPTS

Part I: Short Answers

1. (4 points) Describe the following types of banking fees.

a. Account maintenance fee:_______________________________________________

b. Overdraft fee:__________________________________________________________

c. Nonsufficient funds fee:_________________________________________________

d. Transaction fee:________________________________________________________

2. (1 point) In the ambulatory care setting, what is the checking account used for?

_________________________________________________________________________

3. (1 point) In the ambulatory care setting, what is a savings account used for?

_________________________________________________________________________

4. (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. (5 points) Name six activities that can be done with basic online banking services.

a. ____________________________________________________________________

b. ____________________________________________________________________

c. ____________________________________________________________________

d. ____________________________________________________________________

e. ____________________________________________________________________

f. ____________________________________________________________________

6. (4 points) List the four requirements for a check to be negotiable.

a. ____________________________________________________________________

b. ____________________________________________________________________

c. ____________________________________________________________________

d. ____________________________________________________________________

7. (5 points) Name five documents that can be used to withdraw money from one bank account and deposit it into another.

a. ____________________________________________________________________

b. ____________________________________________________________________

c. ____________________________________________________________________

d. ____________________________________________________________________

e. ____________________________________________________________________

8. (5 points) Describe five precautions for accepting checks in the healthcare facility.

a. ____________________________________________________________________

b. ______________________________________________________________________

c. ____________________________________________________________________

d. ____________________________________________________________________

e. ____________________________________________________________________

9. (1 point) Describe the adjustments that are made to the patient’s account when an NSF check is received by the healthcare facility.

_________________________________________________________________________

10. (4 points) Describe four precautions to take if a patient is paying with cash.

a. ____________________________________________________________________

b. ____________________________________________________________________

c. ____________________________________________________________________

d. ____________________________________________________________________

11. (1 point) Describe precautions to take when a patient pays with a debit card or a credit card.

_________________________________________________________________________

12. (5 points) Describe the banking procedures as related to the ambulatory care setting and include the medical assistant’s role with each procedure:

a. Making bank deposits:_________________________________________________

b. Preparing a bank deposit:_______________________________________________

c. Endorsing checks:_____________________________________________________

d. Writing checks:________________________________________________________

e. Bank statement reconciliation:_____________________________________________

13. (1 point) Why is it important to make bank deposits of cash and checks daily?

_________________________________________________________________________

14. (3 points) Describe three ways to do a mobile deposit of a check.

a. ______________________________________________________________________

b. ____________________________________________________________________

c. ____________________________________________________________________

15. (3 points) Describe each type of endorsement.

a. Blank endorsement:____________________________________________________

b. Restrictive endorsement:_________________________________________________

c. Special endorsement:____________________________________________________

16. (1 point) With regard to checks, define stop-payment.

_________________________________________________________________________

17. (3 points) List three reasons a stop-payment would be done.

a. ____________________________________________________________________

b. ____________________________________________________________________

c. ____________________________________________________________________

18. (1 point) Define direct deposit.

_________________________________________________________________________

19. (1 point) If a mistake is made when preparing a check, what should be done?

_________________________________________________________________________

20. (1 point) What is a fidelity bond?

_________________________________________________________________________

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