31 terms

Banking

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Terms in this set (...)

deposit
Put money into an account
withdraw
Remove money from an account.
transaction
a business interaction
credit
An arrangement to receive cash, goods, or services now and pay for them in the future.
borrow
to take money from a person or bank and agree to pay it back to them at a later time
bank account
a record of the amount of money a customer has deposited into or withdrawn from a bank
bank statement
A report of deposits, withdrawals, and bank balances sent by a bank
payroll
The total amount earned by all employees for a pay period
service fees
Account-related fees for customers, such as late fees and overdraft fees.
overdraft
A check written for more money than your account contains
endorse
write one's signature on the back of a cheque
withdrawal
the action of removing money from an account
safety deposit box
a secure box in a bank where customers can keep valuable objects.
money order
a written order for the payment of an amount of money to a named individual
client
A person using the services of a professional person or organization.
customer
A person or business to whom merchandise or services are sold
around the clock
all day and all night
features
important parts of something
check
a written order directing a bank to pay money
transfer
to move from one account to another
fee waiver
You may not have to pay.
overdraft protection
your checks will be covered even if you have insufficient funds in your checking account
maximum
the most possible
minimum
the smallest possible amount
balance
the total amount of money in a bank account
funds on hold
deposits that are delayed so that banks can "clear" them
debit purchase
using a bank card to buy something at a store
money market account
this requires a high minimum balance, meaning you have to have a lot of money in it. But it also earns a higher rate of interest than savings accounts.
certificate of deposit
this holds money for a set amount of time. And it earns higher interest rates than that of a savings account.
savings bond
this is purchased from the government, and then is sold back later for a higher amount
savings account
You have limited access to the account by check. You usually cannot write a check out and pull that money like a checking account

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