Pers. Fin. P. 7 Midterm review - Banking
Terms in this set (17)
ATM - Automated Telling Machine
a computer that takes the place of a human bank teller and allows the user to access basic bank services, such as making deposits and cash withdrawals from remote locations, twenty-four hours a day.
Automatic bill pay
A money transfer scheduled on a predetermined date to pay a recurring bill.
a check that cannot be processed because the writer has insufficient funds.
a plastic payment card that provides the cardholder electronic access to their bank account(s) at a financial institution.
a sum of money placed or kept in a bank account, usually to gain interest.
a deposit of money by a payer directly into a payee's bank account.
Electronic funds transfer
the electronic transfer of money from one bank account to another
FDIC (Federal Deposit Insurance Corporation)
an independent agency of the United States (U.S.) federal government that preserves public confidence in the banking system by insuring deposits.
money paid regularly at a particular rate for the use of money lent
an electronic payment system that enables customers of a bank or other financial institution to conduct financial transactions through a website.
An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it.
a bank account that earns interest
a bond issued by the government and sold to the general public. It offers a fixed interest rate over a fixed period of time.
An informal record of all deposits to and withdrawals from a given checking account
a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
The signature or account information included on the back of a check acknowledging that the intended recipient received the document and deposited it.
the money one has saved