LIFE - Personal Finance 2
Order by
20 terms
Terms | Definitions |
|---|---|
 Credit Union | Is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of providing credit at competitive rates, and providing other financial services to its members. |
| Bank | An institution that deals in money and its substitutes and provides other financial services. |
| Signature card | A part of the application process for opening an account at a bank so that they can compare your signature with any checks or paperwork submitted to the bank. |
| Minimum balance | This is the minimum amount that you must keep in your bank account at all times. |
| Overdraft fee | When you complete a transaction payment for more than the amount in your checking account, the bank charges a fee to cover the expense of this error. |
| Withdrawal | Money is taken from your account through various transactions. |
| Deposit slip | A slip or form that is filled out with your name, account number and a space for you to record the cash and/or checks that you are depositing. |
| Transfer | Moving funds from one account to another. |
| Interest Rate | The rate charged or paid for money borrowed or saved in a banking institution. |
| Service Fees | Additional charges from the back for the services provided. |
| Debit Card | Also known as a check card or bank card and funds are transferred immediately from the bankholder's account. |
| Credit Card | Issued by a bank or lending company used to charge amount to an account and withdrawn from a bank account within 2 or 3 of a transactions. |
| Check Register | Used to record information about transactions effecting your bank account. |
| Bank Statement | Financial report prepared at the end of every month reporting transactions effecting your account. |
| Bank Reconciliation | Proces of comparing your bank statement to your checkbook register to ensure they are equal. |
| Payee | Person you are paying or writing the check to. |
| Payor | The person whose account is going to be affected by the check or transaction. |
| Account Number | Number assigned by account written on checks and deposit slips to ensure money to deposited or withdrawn from appropriate account. |
| ABA Routing Number | Number assigned to the bank so that they account can be identified and money can be retreived from the appropriate bank. |
| Endorsement | The way you sign the back of the check when you are cashing or depositing a check. |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.