click below
click below
Normal Size Small Size show me how
Financial Services 2
CFM
Term | Definition |
---|---|
Overdraft Fee | Spending a dollar more than you have in your account. |
Bounced Check | Writing a check when you don't have enough money in your account to cover it. |
Nonsufficient Funds | Net you a fee of $25 to $50 from the business listed as the payee. |
Banker's Hours (Business Day) | Any day, Monday-Friday, minus federal holidays (and designated holidays within your state). |
Overdraft Protection | The bank offers you the option for protection from having your card declined. |
Deposit Slip | Can't spend money until you deposit money. At the bank you may need to fill out a deposit slip that lists the amount involved. |
Endorse | Must endorse a deposit check by singing your name on the bank. |
Blank Endorsenent | The check can either be deposited or cashed with no restrictions; transfer money from the payer. |
Restrictive Endoresment | Writing "for deposit only" and your bank account number with your signature. |
Bank Hold | Banks hold deposited checks to reduce their risk of cashing a bad check. If there's a hold, the money usually won't be available until the nect business day. New account customers delay can be as long as 10 business days. |
Debit Card | Might look like a credit card. Acts more like a check, limiting your spending to whatever amount of $ is on your bank account. |
Where does the money come from when you use a debit card? | Money comes out of your bank account. |
Personal Identifucation Number (PIN) | Provides an extra level of assurance that the authorized owner is the person using the card. |