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Terms in this set (13)
The balance of an account less any hold, uncollected funds, and restrictions against the account.
Periodically the bank provides a statement of a customers's deposit account. It shows all deposits made, all checks paid, and other debits posted during the period (usually on moth0, as well as the current balance.
Automated Clearing House (ACH)
A computerized facility used by member depository institutions to electronically combine, sort, and distribute inter-bank credits and debits. ACHs process electronic transfers of government secutirtios and provided customer services, such as direct deposit of customers; salaries and government benefits payments (i.e., social security, welfare
Automated Teller Machine (ATM)
A machine, activated by a magnetically encoded card or other medium that can process a variety of banking transactions. These include accepting deposits and loan payments, providing withdrawals, and transferring funds between accounts.
Automatic Bill Payment
A checkless system for paying recurring bills with one authorization statement to a financial institution. For example, the customer would only have to provide one aothor
A debit card allows the account owner to access their funds electronically. Debit card
An itemized memorandum of the cash and other funds that a customer presents to the bank for credit to his or her account.
A payment that is electronically depositor into an individual's account at a depository institution.
A service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the institution's Web site on the Internet.
Federal Deposit Insurance Corporation (FDIC)
A government corporation the insures the deposits of all national and State banks that are members of the Federal Reserve System.
The amount of money required to be on deposit in an account to qualify the depositor for special services or to waive a service charge..
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft, and the account is said to be overdrawn.
Personal Identification Number (PIN)
Generally a four-character number or word, the PIN is the secret code given to credit or debit cardholders enabling them to access their accounts. The code is either randomly assigned by the bank or selected by the customer. It is intended to prevent unauthorized use of the card while accessing a financial service terminal.
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