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Unit 5 Banking

TermDefinition
Direct Deposit An automatic deposit of net pay to an employee's designated bank account.
ATM A computer terminal that allows a withdrawal of cash from an account.
Debit Card A cash card that allows you to withdraw money or pay for purchases from your checking or savings account.
Point-of-Sale Transaction A purchase by debit card of a good or service at a retail store, a restaurant, or elsewhere
Commercial Bank A for-profit institution that offers a full range of financial services, including checking, savings, and lending.
Savings and Loan A financial institution that traditionally specialized in savings accounts and mortgage loans.
Credit Union A nonprofit financial institution that is owned by its members and organized for their benefit.
Rate of Return The percentage increase in the value of your savings from earned interest.
Compounding The process in which interest is earned on both the principal and on previously earned interest.
Annual Percentage Yield The amount of interest that a $100 deposit would earn, after compounding, for one year.
Overdraft Protection An automatic loan made to an account if the balance will not cover check written.
Stop-payment order A request that a bank or other financial institution not cash a particular check.
Endorsment The signature of the payee, the party to whom the check was written to.
Bank reconcilation A report that accounts for the differences between bank statement and a checkbook balance.
Certificate of Deposit A savings alternative in which money is left on deposit for a stated time period to earn a specific rate.
Money Market Account A savings account that requires a minimum balance and earns interest that varies from month to month.
Created by: s165591
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