Checking Account Vocabulary
Terms in this set (20)
cooperative financial institution owned and controlled by its members providing credit at competitive rates
institution that deals in money and provides other financial services. Accept deposits, make loans. Primary function is to put their account holders' money to use by lending it out to others
part of the application process. You sign a signature card to compare your signature with your signature on any checks or paperwork to protect fraud
minimum amount that you must keep in your bank at all times
more than the amount in your checking account, you overdraw your account. The bank has the choice to pay. Overdraft fee is $30, $40, $50
money that is taken out of your account by going into the bank and asking for money or withdrawing amount from an ATM
a slip or form that is filled out with your name, account number, and a space for you to record the cash and/or checks that you are depositing
action taken to transfer funds from one account to another. Between a checking and savings account
rate at which a bank will pay you to have your money in their checking or saving accounts, stated at APR (annual percentage rate)
fee a bank will charge you for the various services they provide,using visa, process checks, etc
Also known as a check card or a bank card, it can be used just like an electronic check. The funds paid using a debit card are transferred immediately from the bankholder's account
A credit card can be issued by your bank and when used it charges the amount to your account which is taken out usually within 2 or 3 days after the transaction. Your debit card/credit card can be one card and you are given to the option to use it in either way.
The check register or check stub is an area to record information about your transactions such as checks that you write, debit card or credit card transactions, atm withdrawals. This check register allows you to compare what you have recorded versus what the banks says occurred.
A financial report that is prepare at the end of every month and tells you all the transactions which effected your account throughout the month. It should you all your deposits, withdrawals, electronic payments, bills paid etc.
Is the act of comparing what your bank says happened within your account to what you say happened within your account. When completing the bank reconciliation you are comparing the two and then making changes (reconciling) them until they equal.
The payee is the person that you are paying or writing the check to.
The payor is you, the account holder, the person whose account is going to be affected by the check.
Every bank account is assigned an account number. That account number is written on every check and deposit slip in order to identify your account within the bank.
ABA Routing Number
Is the number that is assigned to the bank institute and is written on every check and deposit slip so that the bank at which your account is located can be identified and the money can be retrieved from that particular bank.
The way that you sign the back of the check when you going to cash or deposit the check.
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