Personal Finance and Economics Mod 6 Banking
Terms in this set (33)
Automatic Teller machine ATM
Specialized computer used by bank customers to handle their money (get cash, make deposits, check balances).
A check written against an account with insufficient funds to cover it.
A financial institution that handles money, including keeping it for saving or comercial purposes; a profit company that is owned by investors.
Blank Endorsement Check
Check that can be further endorsed.
A register where you list all bank transactions including deposits, checks, debit card purchases, ATM withdrawals, and bank fees.
An account which allows the holder to write checks against deposited funds.
When the bank pays a check you have written and deducts the amount from your account.
Not for profit financial institutution that is owned entirely by it's members.
Plastic card used to deduct money from a checking account almost immediately to pay for purchases. Also known as a check card.
Contains account holder's information and allows money to be depostited into the correct account.
money depostited in a bank or some financial institution.
Electroni funds transfer (EFT)
Uses a computer-based system that enables you to transfer money from one account to another in lieu of writing a check or exchanging cash.
Sign the back of a check authorizing the check to be exchanged for cash or credit.
Federal Deposit Insurance Corporation (FDIC
Independent agency of the U.S. government that protects customers from the loss of any deposit if the financial institution fails.
The central banking system in the United States which consists of the twelve regional banks, the Federal Reserve Board, and the Federal Open Market Committee.
a check signed by someone else other then who is specified on the check without that person's permission.
Money paid to you by the financial institution when you deposit funds there.
M1 money supply
Currency, coins, checking accounts demand deposits.
M2 (money supply
M1 savings account and money market account.
National Credit Union Administration (NCUA)
Independent federal agency that supervises fedral credit unions and insures depositor's money in credit unions.
Non-sufficient funds (NSF)
Lack of money in an account to pay a payment.
A check that has been written, but not yet received and paid by the bank.
Allows you to cover checks or withdrawals up to a specified amount if you have insufficient funds in the account.
Person, company, or organization to whom a check is written.
Personal Identification Number (PIN)
A combination of letters or number that you use to access an account.
The process of comparing the bank balance and check register so that they show the same amount.
Required reserve ratio
Percentage of deposits banks are required to keep in reserves.
Limits any further negotionation of the check.
Only person or company named in the endorsement can transfer the check to someone; transfers the right to cash the check to someone else.
Check that is more then six months old. it may no longer be honored by the bank.
request that a bank not cash or honor a specific check.
Monthly document sent by the financial institution that lists your account balance at the beginning of the period and the end of the period; includes checks deposits, deductions, and fees.
To remove money from a bank account.
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