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Ch.4 Econ Terms

Banking

TermDefinition
Commercial Bank Business owned by investors called stockholders or shareholders
Charter the license authorizing a bank to operate
Federal Deposit Insurance Corporation (FDIC) An independent agency created by federal government to protect bank accounts by insuring their deposits
Community Bank A type of commercial bank that is locally owned and operated.
Savings and Loan Association (S&L) A financial institution that offers most of the services commercial banks do
Credit Union A nonprofit financial cooperative owned by and operated for the benefit of its members
Mutual Savings Bank A financial institution that is owned by its depositors
Electronic Funds Transfer (EFT) The movement of money electronically from one financial institution to another
Debit Card A check card that allows you to make purchases by swiping your card through a point-of-sale(POS) terminal that is usually located at the merchant’s checkout counter
ATM Card A card issued by a bank that allows the holder to check account balances, withdraw, and deposit cash, and transport money from one account to another using an automated teller machine
Overdraft A check written for an amount greater than the balance of the account
Cashier’s Check A special type of check that the bank guarantees to pay; is purchased from a bank and used to make a payment to a person or a business; paid with cash or from a withdrawal from your checking or savings account
Certified Check A personal check that the bank certifies is genuine and that there is enough money in your account to cover the check; to get one you write a check in the usual way and take it to your bank where it is then officially signed and stamped with the word cert
Money Order A payment order for a specific amount of money payable to a specific payee; people who don’t have checking accounts may use money orders to send payments safely by mail; they don’t contain pesonal info and you are not responsible if one is lost or stolen;
Traveler’s Check A special form of check that functions as cash; can be cashed at many places around the world; can be replaced at the nearest bank or by the agency selling them; used by people who travel and don’t want to carry large amounts of cash on them
Checking Account:(Demand Deposit) A bank account that allows you to make deposits, write checks, and withdraw money; offer a safe place to keep your money & provides a convenient way to buy goods and services & pay bills; provides a record of deposits and receipts of payment; responsible
Check A written order for the bank to pay a specific amount to the person to whom the check is written
Check Register A record of account deposits, withdrawals, checks, fees, and interest
Endorsement A signature on the back of a check; purpose is to transfer ownership of the check from you to the bank; you make an endorsement in the space provided on the left side of the back of the check and be sure to sign your name exactly as it appears on the fron
Postdated Check A check written with a future date
Bank Statement A record of checks, ATM transactions, deposits, and charges on your account; most banks send through mail
Created by: Jakea Harris
 

 



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