Terms in this set (50)
Check routing number
A set of numbers appearing as the denominator of a fraction that is printed in the upper right corner of any check that is paid through the federal reserve system.
The upper number in the numerical fraction of the check routing number.
Automatic bill payment services
Routine, automated payments made from a banking, brokerage or mutual fund account to vendors.
A commercial institution licensed as a receiver of deposits.
A record, usually sent to the account holder once per month, summarizing all transactions in an account during the time from the previous statement to the current statement.
A check written for an amount more than in your account
A personal loan to purchase an automobile
A loan given to you in cash.
A check that a bank draws on its own funds.
Certificate of Deposit (CD)
A type of savings certificate issue in exchange for a specified minimum deposit (earns low interest but it is considered a safe investment....no risk).
A check containing certification that the person who issued the check has sufficient funds on deposit to cover payment.
Check cashing centers
A business that will cash a check for a fee.
A check or another negotiable instrument that has been materially and maliciously altered to effect a fraud. Usually either the name of the payee or the amount of the check is changed. (altered check)
The numerals written or printed on the upper right-hand corner of a check
A form attached to a check on which a depositor keeps a record of the checks written and any current deposit.
A bank account against which the depositor can drawn checks payable on demand.
Checking account number
The a number assigned by a financial institution to identify a specific checking account.
A loan that is secured by collateral, properties or assets that are subject to seizure on default.
Is a for-profit institution that offers a full range of financial services, including checking, savings, and lending.
A plastic card issued by a bank, savings and loan, retail store, oil company, or other credit grantor givng consumers the right to charge purchases now and pay for them later.
A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
A person who has deposited money in a bank or similar institution.
The employer transfers net pay electronically into the employee's bank account.
To sign the back of a check before cashing or depositing it.
The signature of the payee, the party to whom the check has been written.
Federal Deposit Insurance Corporation, a federally sponsored corporation that insures accounts in national banks and other qualified institutions.
A financial institution (often affiliated with a holding company or manufacturer) that makes loans to individuals or businesses.
Institutions that "connect" borrowers and lenders by accepting funds from lenders and loaning funds to borrowers.
No fee's, minimum balance required.
The inability to meet immediate payment obligations; for a bank, reserves are insufficient to honor current withdrawal requests.
A bank term used to indicate that the writer of the check did not have enough funds in their account to cover the check, commonly referred to as a bounced check.
Line of credit
The maximum amount of money the creditor has made available to you.
Being in cash or easily convertible to cash.
Minimum balance required
The minimum dollar amount that a customer must have in an account in order to receive some sort of service, such as keeping the account open or receive interest.
Money market account
A combination savings-investment plan in which money deposited is used to purchase safe, liquid securities.
A written order for the payment of a sum to a named individual.
The ability to use, obtain or retrieve information from a website.
A bank service that covers checks even if you have insufficient funds in your checking account.
Charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items).
A payment required for not fulfilling a contract.
Personal identification number; a number you choose and use to gain access to various accounts .
Any of a number of fraudulent, deceptive, discriminatory, or unfavorable lending practices. Many of these practices are illegal, while others are legal but not in the best interest of the borrowers.
To "balance" your checking account with your monthly statement from the bank.
Reconciliation of check register
Balancing your checkbook.
Illegal practice of refusing to make mortgage loans or issue insurance policies in specific areas for reasons other than economic qualifications of applicants.
Safe deposit box
A small, secure storage compartment that you can rent in a bank, usually for $100 a year or less.
An account you have at a financial institution that helps you accumulate and save money and earn a small amount of interest at the same time.
Depository financial institution that primarily accepts consumer deposits and makes home mortgage loans.
Securities Investor Protection Corporation
Insures losses of funds deposited with securities firms in the event of failure of a securities firm.
U.S. Savings bond
Obtainable through the US government. Purchased at one-half the face value and will mature to full face value over a specified period of time. FDIC insured, moderate liquidity, moderate rate of return.