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Budget and Banking

ATM Acronym for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities (checking one's balance, withdrawing or transferring funds) even when the bank is closed
Account Balance The amount of money in an account, equal to the net of credits and debits at that point in time for that account. also called balance.
Budget An itemized forecast of an individual's or company's income and expenses expected for some period in the future.
Checking Account An account which allows the holder to write checks against deposited funds
Cleared Check Check that has been cashed or deposited at a bank
Credit Union A non-profit financial institution that is owned and operated entirely by its members.
Debit Card A card which allows customers to access their funds immediately, electronically. Unlike a credit card, a debit card does not have any float.
Deposit Money transferred into a customer's account at a financial institution.
Direct Deposit The deposit of funds directly into a bank account as a form of payment. Common uses for direct deposit include paychecks and tax refunds.
Endorse A signature used to legally transfer a negotiable instrument.
Expense A signature used to legally transfer a negotiable instrument.
Income For individuals, money earned through employment and investments.
Interest The return earned on an investment.
Loan Overdraft The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation
Memo A statement about what the check is for
Needs A condition or situation in which something is required
Non-sufficient funds You don't have enough money in the bank for the checks you have written out.
Online Banking A system allowing individuals to perform banking activities at home, via the internet
Payee One who receives a payment, such as through cash, check, money order, or promissory note.
Payer One who gives payments through cash, check. money order, or promissory note.
Reconcile to make two financial accounts or statements agree.
Savings The part of a person's income that is not spent.
Variable Expenses An unavoidable periodic cost that does not have a constant value, such as an electric bill.
Wants A condition or situation in which something is desired
Withdrawl A removal of funds from an account
FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
Fees A payment made for professional advice or services.
Financial Literacy Financial literacy is 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 from month to month. Examples are realty taxes, insurance costs, etc.
Created by: cprouty