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Budget and Banking

TermDefinition
ATM automated-teller machine
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
Budget an estimate, often itemized, of expected income and expense for a given period in the future.
Checking Account a bank deposit against which checks can be drawn by the depositor.
Cleared Check he victim/recipient is supposed to transfer a large chunk of that money to the scammer
Credit Union a cooperative group that makes loans to its members at low rates of interest.
Debit Card a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders.
Deposit to place for safekeeping or in trust, especially in a bank account: He deposited his paycheck every Friday.
Direct Deposit a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients.
Endorse to approve, support, or sustain: to endorse a political candidate
Expense cost or charge: the expense of a good meal.
FDIC Federal Deposit Insurance Corporation.
Fees a charge or payment for professional services: a doctor's fee.
Financial Literacy Financial literacy is the ability to understand how money works in the world
Financial Security A security or financial instrument is a tradable asset of any kind. Securities are broadly categorized into: debt securities
Fixed Expense Fixed expenses are expenses that remain static rather than fluctuating over time
Income the monetary payment received for goods or services, or from other sources, as rents or investments.
Interest the feeling of a person whose attention, concern, or curiosity is particularly engaged by something: She has a great interest in the poetry of Donne.
Loan Overdraft If you have an overdraft account, your bank will cover checks which would otherwise bounce.
Memo memorandum.
Needs of necessity; necessarily (usually preceded or followed by must ): It must needs be so. It needs must be.
Non-sufficient funds (NSF An acronym used in the banking industry to signify that there are "non-sufficient funds" in an account in order to honor
Online Banking banking online
Payee a person to whom a check, money, etc., is payable.
Payer to settle (a debt, obligation, etc.), as by transferring money or goods, or by doing something: Please pay your bill.
Reconcile to cause (a person) to accept or be resigned to something not desired: He was reconciled to his fate.
Savings tending or serving to save; rescuing; preserving
Variable Expenses A cost that fluctuates directly with output changes. variable cost. n. (Economics) a cost that varies directly with output
Wants to feel a need or a desire for; wish for: to want one's dinner; always wanting something new.
Withdrawal Also, with·draw·ment. the act or condition of withdrawing
Created by: ees1276