Money Management Ch 3: Banking Services
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20 terms
Terms | Definitions |
|---|---|
 deposit slip | a form used to list all money deposited in a bank |
| check register | a record of deposits and checks |
| Electronic Funds Transfer - EFT | when funds are withdrawn from one account and deposited into another using computers |
| Automatic Teller Machine - ATM | a computer system that lets you withdraw or deposit money in your bank without a teller's help |
| direct deposit | transferring funds by a company directly into their employees bank accounts without writing any checks |
| debit card | a card that lets you pay for purchases using a terminal in a store |
| online banking | an electronic banking service that allows you to do your banking by using your personal computer and the Internet |
| bank statement | a monthly report to a depositor showing deposits, payments, and balance in a checking account |
| service charge | a bank charge or deductions for handling a checking account; a charge in addition to interest on an installment purchase |
| outstanding transactions | any transaction that has been done but does not yet show up on the bank statement |
| outstanding checks | a check issued but not yet received and paid by the bank |
| interest | money paid to an individual or institution for the privilege of using their money |
| transaction | a deposit or withdrawal that has to be recorded |
| principal | the one for whom an agent acts; the face of a note; The amount on which interest is paid |
| compound amount | the total in a savings account at the end of an interest period after compound interest is added |
| compound interest | the difference between the original principal and the compound amount; interest figured on interest after it has been added to principal |
| multiplier | the number on a compound interest chart that you use to find the compound amount |
| certificate of deposit | a time deposit or savings certificate |
| term | the minimum time that the money must be on deposit |
| maturity date | the date that marks the end of the term of the CD |
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