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Terms in this set (32)
A banking service allowing a customer's money to be handled and tracked.
Automated Teller Machine (ATM)
A specialized computer used by bank customers to manage their money, for example, to get cash, make deposits, or transfer money between accounts.
The amount of money in your account that you can use or withdraw.
A financial institution that handles money, including keeping it for saving or commercial
purposes, and exchanging, investing, and supplying it for loans.
A written order instructing the bank to pay a specific amount of money to a specific person or entity.
A bank account that allows a customer to deposit and withdraw money and write checks.
When the banks pays a check you have written and then subtracts the amount form you account.
A non-profit financial institution that is owned and operated entirely by its members.
A card linked to a checking account that can be used to withdraw money and make deposits at an ATM and to make purchases at merchants.
To put money into your account.
A deposit made directly into your account by the payer without the use of a check or deposit slip.
Electronic Funds Transfer (EFT)
Allows you to have funds electronically transferred into your account(s) such as deposit of your payroll check, tax refund or social security check.
To sign the back of a check, authorizing the check to be exchanged for cash or credit.
Federal Deposit Insurance Corporation (FDIC)
An independent agency of the United States government that protects customers from the loss of their deposits if an FDIC insured financial institution fails.
Companies such as banks, credit unions, and savings institutions that provide a wide range of money management products and services to consumers.
A form of Electronic Funds Transfer which allows you to send money to families and friends outside of the United States from your accounts.
The amount of money paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time.
Line of Credit
An arrangement by which a lender extends a specific amount of credit to a borrower for a certain time period.
Allows an individual to access their financial accounts through web browser on their mobile device such as a cellular phone.
National Credit Union Administration (NCUA)
The lack of enough money in an account to pay a particular check or payment. Also known as insufficient funds.
When there is not enough money in an account to cover a transaction and the bank pays it on your behalf, creating a negative balance in the account that you need to repay.
A service that automatically transfers
money from a linked account that you select, such as a savings or credit account, when you don't have enough money in your checking account to pay your transactions.
Personal Identification Number (PIN)
A secret combination of letters or numbers you use to gain access to your account through an electronic device such as an ATM.
When you use a debit card to make a purchase from a merchant at a store, by telephone, or through the internet.
If you spend more money than you have in your checking account, the bank may return the transaction unpaid and charge a fee.
A bank account that allows a customer to deposit and withdraw money and earn interest
on the balance.
A financial Institution that accepts deposits from individuals, makes homes mortgage, loans, and pay dividends.
A monthly accounting document sent to you by your bank that lists your account balance at the beginning and end of the month, and all of the checks you wrote that your
bank has processed during the month.
A period of time over which a loan is scheduled to be repaid.
An agreement between a buyer and seller to exchange an asset for payment.
A register that allows you to keep accurate records of your deposits and withdrawals.
To take money out of an account.