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Rutiri-Per. Finance

Banking: Checking & Savings Term

QuestionAnswer
Mortgage A long-term loan obtained by individuals to buy a home that legally transfers ownership from the debtor to the creditor until the debt is paid.
Simple interest The interest is calculated at the end of a given period of time.
Compound Interest Interest calculated not only on the original principal, but also on the interest already accrued.
Regular Savings Account Interest is compounded daily and paid every month.
Certificate of Deposit A savings account in which an individual promises to deposit the money for a set period of time, for which the bank pays higher interest than a regular savings account.
Term The period of time and the interest rate arranged between creditor and debtor to repay a loan.
Money Markets Account A savings account that allows limited check writing.
Co-signer The person who signs on a credit agreement in addition to the primary applicant. This person is legally responsible for repayment of the debt.
Depositor An individual or company that puts money in a bank account.
Deposit Slip An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.
Endorsing To sign, as the payee, the back of a check before cashing, depositing, or giving it to someone else. The first endorsement must be made by the payee to authorize the transaction. Later endorsements may be made by whomever receives the check.
ATM Acronym for automated teller machine.
Personal Identification Number A code that provides security for consumers at an ATM.
Deposit Envelope This gives you an option of putting it in an ATM for depositing.
Withdrawal Slip You fill it out to take money out of your account.
Withdrawal When you take money out of your account.
Transactions Depositing and withdrawing money from your account.
Savings Account Register What you use to keep track of money coming in and going out of your savings account.
Statement A summary of all the deposits and withdrawals in your account.
Checking Account Checking accounts pay less interest than savings accounts, or none at all.
Checks Any written document instructing a bank to pay money from the writer's account.
Account Fee Money you pay for writing checks from your checking account.
Balance your checking account Keep a record of all your deposits and withdrawals.
Savings Account A bank account that accrues interest in exchange for use of the money on deposit.
Deposit Slip An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.
Created by: eva_rutiri on 2009-03-11



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