20 terms

Banking

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account summary
The section of a bank statement that provides a quick overview of account activity.
automated teller machine
An unattended computerized machine that dispenses money when a personal coded card is used
automatic payment
An arrangement that authorizes a set payment to be automatically withdrawn from a checking or savings account on a specified day
balance
The remaining amount in a customer's account that represents the amount the customer is able to withdraw
bank statement
An account summary of all financial transactions occurring over a given period of time on an account offered by a financial institution
certificate of deposit
Record of money deposited in a financial institution for a stated time period at a fixed interest rate.
checkbook
A book containing blank checks to be used by the holder of a bank account.
checking account
A bank account in which the account holder can withdraw his or her available funds by writing a check
check register
A booklet used to track and balance checking accounts
credit
In banking, money received in an account that results in increasing the account balance.
debit
In banking, money paid from an account that results in decreasing the account balance
direct deposit
A method of payment that is electronically deposited into an individual's account
electronic banking
A service provided by financial institutions that allows customers to manage their banking transactions through computerized network services
Individual Retirement Account
A tax-deferred account that allows individuals to plan for their retirement
money market account
A type of savings account that offers higher interest rates, with higher minimum deposit levels than a regular savings account.
reconciliation
The process of comparing two sets of records and getting them to correspond
savings account
An account where you receive interest on your deposits
secured loan
A loan that is backed by collateral such as cars, houses, or other assets
unsecured loan
A loan that is not backed by collateral but by the promise of the borrower to repay it
withdrawal
The act of taking money out of an account