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Banking and Checking Vocabulary
Terms in this set (33)
An amount of money deposited with a bank. Each of you will have your own account when you open a checking or savings account.
things a person owns that have monetary value. ex:Cellphone, car, clothes.
Automated Teller Machine. Advantages: drive up to it, access it when the bank is closed.
The amount of money remaining after money withdrawn has been subtracted from money deposited in an account. What you have in your account, the amount.
An institution for receiving, lending, exchanging, and safeguarding money.
A monthly report sent by a bank to a depositor that shows how much money he or she has deposited or withdrawn from checking and savings accounts during the month.
Comparing your bank's statement to your check register to make sure your balances are the same. You reconcile to get the bank's amount in agreement with your checking account.
A check that has been returned to payer after the payment has been subtracted from the account balance by the bank. It may not be used again. Now you can see these checks electronically. But you can ask for a hard copy to be sent to you.
A written order directing a bank to pay money from a checking account as instructed. You can get your checks personalized with your address and background pictures.
A bank account that allows a person to write a check in order to withdraw money deposited in that account. Low interest right now. It can be a joint or single account.
A book for recording checks written and deposits made, and for maintaining an on-going balance. This is a form to record deposits and checks.
To sign a document with another person or persons. If you are underage and opening a checking account, you need a co-signer.
Confidence in a buyer's ability and intention to fulfill financial obligations, such as paying money owed, at some future time. 2. The positive balance or amount remaining in a person's account.
That which is used as a medium of exchange; money. This includes cash and coins.
Transfer money from a person's account to the account of the merchant and the debit card allows an immediate point-of-sale transaction. This money is deducted from your checking account immediately.
A deduction/withdrawal from an account.
something owed, such as money, goods, or services. Anything that you owe on. ex: car, home.
1. To put money in a bank account; 2. To give money as partial payment or security.
Is common form of electronic funds transfer (eft) between two banks or bank account. advantages: 1.saves you time 2. Inyour account that day 3.
Electronic funds transfer; funds transfer occur between banks, between banks and the Federal Reserve, between banks and the government, and between banks and consumers.
The signature of the holder. Used when you sign your checks and endorse checks written to you.
INSUFFICIENT FUNDS (NSF)
Not having enough funds in account when presenting a check or transaction for payment. This creates an overdrawn account.
1. A charge for financial loan; 2. Money earned on money in a bank account or investment.
A sum of money borrowed for which interest must be payed. You will have to pay the loan and the interest.
Written checks that have not yet cleared the bank. You have written the check but the check has not gone through the bank yet.
A check written for an amount that is more than what is in the checking account. (NSF)
One that is dated later than it was written. You must get approval from the one to whom you are writing the check.
An interest-earning bank account holding money for reserve or storage. This is usually higher interest than a checking account but it is still not much.
A fee for services provided by bank. This amount is printed on your bank statement.
A request made to the bank to stop it from paying a check that has been written. It usually costs 35 to 45 dollars to stop a check.
Any activity or business carried on with a bank such as withdrawals and deposits.
To take money out of an account.
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