27 terms

Checking

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Automatic Teller Machine (ATM)
A machine that allows a customer to deposit checks or withdraw physical cash (bills) from their account
Balance
The amount of money you have in your bank account
Cancelled Check
A check you wrote and that the bank has already paid
Check
A written order to the bank that tells it to take a stated amount of money from your account and pay it to someone else
Check Cashing Store
A non-bank business that charges a fee to cash physical checks and provide the check's owner with cash, on-the-spot
Check Register
A written record that allows you to record checks you have written, ATM/debit card transactions, deposits, and withdrawals
Checkbook
A physical portfolio that holds your check register, checks, and deposit slips
Credit
A sum of money deposited into your account
Credit Union
A member-owned financial co-operative, similar to a bank, except it is created and operated by its members and profits are shared amongst the owners
Debit
A sum of money deducted from your account
Debit Card
A plastic card that enables you to do ATM transactions and make purchases by deducting money electronically from your checking account
Deposit
Money put into your account
Direct Deposit
An automatic electronic deposit of net pay to an employee's designated bank account
Outstanding Check
A check you wrote and but that the bank has not yet paid
Overdraft
The result of making a withdrawal when there isn't enough money in your checking account to pay for it
Person-to-Person Payment
An online process that allows you to send money directly from your account to a friend via email or app
Personal Identification Number (PIN)
Typically a 4-digit number required to use your debit card at a store or ATM
Prepaid Card
A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent
Reconcile
To "balance" your checking account with your monthly statement from the bank
Statement
A monthly record of your account transactions provided by your bank electronically or on paper
Withdrawal
Money taken out of your account
Joint Account
A bank or credit account that is shared between two or more individuals which allows everyone named on the account to access the funds
Checking Account
A bank or credit union account that allows easy (and usually unlimited) access to your funds via check, ATM, or debit card
Unbanked
An individual or household that does not utilize a checking or savings account and instead obtains financial services outside the traditional banking system
Underbanked
An individual or household that has a checking and/or savings account but also obtains financial services outside the traditional banking system
Online Banking
Method of banking where all the transactions take place electronically via the internet rather than at a physical bank branch
Mobile Banking
Method of banking using your smartphone to conduct transactions rather than using a computer or a physical bank branch
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