Terms in this set (50)
The amount in an account
a financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges currency.
an automatic loan made to you if you write a check for more money than you have in your account
Check routing number
Denominator of a fraction, located in the upper right corner, appearing on checks drawn on Federal Reserve banks. The numerator of the fraction is the ABA transit number.
Checking account number
primary identifier for ownership of account
Minimum balance required
The lower balance required to keep an account open
Automated teller card which allows you to make transactions in automated teller machines.
A loan secured by property; unlike a debenture
Money market account
A type of savings account that pays a higher interest rate because the financial institution invests the money you deposit.
Automatic bill payment
requires a bank customer to authorize preset accounts of montly expenses
A financial institution that offers full banking services to individuals and businesses
a written order for the payment of a sum to a named individual
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank
A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable items).
When you write a check and do not have sufficient funds in your checking account to cover the check. Fees will be charged for every individual bounced check.
a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account
a personal loan to purchase an automobile
a person or business that has cash on deposit in a bank
A number used to access your account when used with a money card or debit card.
A loan given to you in cash.
An automatic deposit of a paycheck without having to take a physical check to the bank.
Targeting loans to seniors, low-income and other people to take advantage of their financial status or lack of financial knowledge.
A check bought from a bank with payment guaranteed by the bank
give support or one's approval to
A written contract with a promise to pay a supplier a specific sum of money at a definite time
Certificate of Deposit (CD)
A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date
An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring that the two values are balanced at the end of the recording period.
A check for which the bank assures that the drawer has sufficient funds to make payment.
Federal Deposit Insurance Corporation (FDIC)
a federal government guarantee of certain types of bank deposits for account balances of up to $100,000.
Check cashing centers
a company that will cash a check for a fee
small loan companies that usually charge high interest rates
A process by which banks draw lines on a map and refuse to lend money to purchase or improve property within the boundaries
Check cashing fee
a fee that the bank will charge you when you deposit a check issued by a customer of another bank into your bank account.
Firms, such as banks, mutual funds, pension funds, and insurance companies, that borrow funds from savers and lend them to borrowers
Safe deposit box
a small, secure storage compartment that you can rent in a bank, usually for $100 a year or less
the issuance or passing of a check having knowledge the the bank will refuse to honor due to insufficient funds or closed account
no charge or fees for using the account, no minimum balance required, unlimited check writing, usually for students or seniors
A bank account that earns interest.
Found in the top right of a check. Used for record keeping purposes.
an inability to convert assets into cash quickly
depository institution originally set up to serve small savers overlooked by commercial banks
The book in which you keep records of checks, deposits, debit card transactions, and ATM withdrawals.
a term used to indicate that the writer of the check did not have enough money to cover the check
Securities investor protection Corporation
-establishes procedures for the protection of customers funds and securities in the event a broker deal becomes insolven
A source document that lists the same information that appears on a check and shows the balance in the checking account before and after each check is written.
Line of credit
A given amount of unsecured short-term funds a bank will lend to a business, provided the funds are readily available.
U.S. Savings bond
a discount savings bond issued by the u.s. government
a bank account against which the depositor can drawn checks payable on demand
Availability of resources to meet short-term cash requirements.