financial literacy
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Created by:
13luporocco on April 13, 2012
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20 terms
Terms | Definitions |
|---|---|
 Credit union | 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 | The bank has you sign a card so that they can compare your signature with your signature on any checks or paperwork submitted to the bank. |
| Minimum balance | This is the lowest amount of money that you must keep in your bank account at all times. |
| Overdraft fee | An amount of money you have to pay the bank when you write a check, withdraw money from an ATM, use your debit card to make a purchase, or make an automatic bill payment or other electronic payment for more than the amount in your checking account, you overdraw your account. |
| Withdrawal | Money that is taken out of your account by going into the bank and asking for money or withdrawing amount from an ATM. |
| 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 | Is an action taken to moves funds from one account to another. |
| Interest rate | The rate at which a bank will pay you to have your money in their checking or saving accounts. |
| Service fee | The amount a bank will charge you for various services they provide...to use your visa card, to process checks, new checks, etc. |
| debit card | Also known as a check card or a bank card, it can be used just like an electronic check. |
| Credit card | A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit. |
| Check register | An area to record information about your transactions such as checks that you write, debit card or credit card transactions, ATM withdrawals. |
| Bank statement | A financial report that is prepared at the end of every month and tells you all the transactions which affected your account throughout the month. It should you all your deposits, withdrawals, electronic payments, bills paid etc. |
| Bank reconciliation | It is the act of comparing what your bank says happened within your account to what you say happened within your account. |
| Payee | The person that you are paying or writing the check to. |
| Payer | The person whose account is going to be affected by the check. |
| Bank number | A nine digit bank code, used in the United States, which appears on the bottom of negotiable instruments such as checks identifying the financial institution on which it was drawn |
| Aba number | .the preprinted number on the check( usually upper right part of the check that appears as a fraction which identifies bank district and routing number |
| Endorsement | The act of signing the back of the check when you going to cash or deposit the check. |
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