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Budget Banking

TermDefinition
ATM cash dispenser
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
Budget an itemized allotment of funds, time, etc., for a given period.
Checking Account An account at a bank against which checks can be drawn by the account depositor.
Cleared Check It means the check was cashed or deposited
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 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 one's signature on the back of a check,
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 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something. A payment made for professional advice or services
Financial Literacy the ability to understand finance
Financial Security Freedom from risk or danger; safety for your money
Fixed Expense A cost that does not change with an increase or decrease in the amount of goods or services produced
Income Money received, esp. on a regular basis, for work or through investments.
Interest The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Loan Overdraft The amount by which withdrawals exceed deposits
Memo A written message, esp. in business; a memorandum A written message, esp. in business; a memorandum.
Needs Something required
Non-sufficient funds (NSF) A term used to indicate when an item such as a check, or other transaction presented for payment is returned unpaid
Online Banking allows customers to conduct financial transactions on a secure website operated by their retail
Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.
Payer a person who pays money for something.
Reconcile An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate
Savings 2.The money one has saved, esp. through a bank or official scheme
Variable Expenses expenses that change in proportion to the activity of a business
Wants Have a desire to possess or do (something); wish for
Withdrawal An act of taking money out of an account.
Created by: acarter13