Term | Definition |
ATM | automates teller machine |
Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment |
Budget | An estimate of income and expenditure for a set period of time |
Checking Account | An account at a bank against which checks can be drawn by the account depositor |
Cleared Check | the bank in which the check was deposited mailing the check to the issuing bank |
Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc |
Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
Deposit | A sum of money placed or kept in a bank account, usually to gain interest |
Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account |
Endorse | to write on the back of; especially : to sign one's name as payee |
Expense | The cost required for something; the money spent on something |
FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits |
Fees | Money paid as part of a special transaction, e.g., for a privilege or for admission to something |
Financial Literacy | the ability to understand finance |
Financial Security | A security is a fungible, negotiable instrument representing financial value |
Fixed Expense | Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change |
Income | Money received, esp. on a regular basis, for work or through investments |
Interest | An excess or bonus beyond what is expected or due |
Loan Overdraft | limit on borrowing on a bank current account |
Memo | A written message, esp. in business; a memorandum |
Needs | Cannot avoid or help doing something |
Non-sufficient funds (NSF) | indicate that a demand for payment (a check) cannot be honored |
Online Banking | allows customers to conduct financial transactions on a secure website |
Payee | the person to whom a check, money order, etc., is made out |
Payer | a person who pays money for something |
Reconcile | process used to compare two sets of records to ensure the figures are in agreement and are accurate |
Savings | The money one has saved, esp. through a bank or official scheme |
Variable Expenses | change in proportion to the activity of a business |
Wants | Have a desire to possess or do |
Withdrawal | An act of taking money out of an account. |