 | Term | Definition |
| |
Federal Deposit Insurance Corporation |
federal agency that helps to regulate bnaks nad other financial institutions |
| |
Safe Deposit boxes |
for storage of valuables |
| |
service charge |
is a fee a bank charges for handling a checking account |
| |
debit card |
or cash card is used fro ATM transactions |
| |
endoresment |
is written evidence that you received payment or that you transferred your right of receiving payment to someone else |
| |
check register |
is a separate book, usually the same size as the checkbook |
| |
bank statement |
bank will send you a report on the status of your account |
| |
stop payment order |
a written notice that tells the bank not to pay a certain check |
| |
bank reconciliation |
document created to show how the two balances were brought into agreement is known as reconciling the bank balance |
| |
outstanding checks |
deducted from the bank statement balance |
| |
commercial bank |
the most common way tor a bank to be organized |
| |
credit union |
a user-owned, not-for-profit, cooperative financial institution |
| |
federal reserve systems |
a system set up by the federal government to surpervise and regulate member banks and to help banks |
| |
drawer |
is the owner of hte account who signs the check |
| |
electronic funds transfer |
transfers your money to a different account |
| |
automated teller transactions |
the atm machine withdrawl of money |
| |
shareholders |
a checking account at a credit union may be calle a chare draft account since the members |
| |
payee |
is the person to whon the chech is written |
