 | Term | Definition |
| |
Federal Reserve System (Fed) |
to supervise and regulate member banks and to help banks serve the public efficiently. |
| |
commercial bank |
the most common way for a bank to be organized..offer checking accounts, provide savings accounts, make loans to individual and to businesses, and offer other services. |
| |
credit union |
a user-owned, not-for-profit, cooperative financial institution |
| |
Federal Deposit Insurance Corporation (FDIC) |
the federal agency that helps to regulate banks and other financial institutions. |
| |
safe-deposit box |
well-guarded vaults for storage of valuables offered by banks. |
| |
service charge |
the fee a bank charges for handling a checking account |
| |
debit card (cash card) |
a card used for ATM transactions. It is issued by your bank. You are using money that is in your account |
| |
endorsement |
written evidence that you received payment or that you transferred your right of receiving payment to someone else |
| |
check register |
seperate book, usually the same size as the checkbook, for recording account activities |
| |
stop payment order |
a written notice that tells the bank not to pay a certain check |
| |
bank statement |
a report on the status of a bank account |
| |
bank reconciliation |
the document created to show how the two balances (your own record of your checking account and the bank's record of your account) were brought into agreement |
| |
outstanding checks |
checksthat have not been deducted from the bank statement balance |
| |
substitute check |
a digital reproduction of the original paper check |
| |
check stub |
a form attached to the check by a perforated line |
| |
drawee |
the bank or other institution that pays the check |
| |
payee |
is the person to whom the check is written |
| |
deposit slip |
a form that lists all items your are depositing--currency, coins, or checks |
