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Chapter 5 PF

Banking

TermDefinition
certificate of deposit savings alternative in which money is left on deposit for a stated time period (ranging from a month to five or more years) to earn a specific rate of interest
credit card A card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. They charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made.
liquidity The ability to easily convert financial resources into cash.
Federal Deposit Insurance Corporation (FDIC) This is an organization that protects depositors against losing their money in the case of a bank failure. This is an independent agency of the(U.S.) federal government that preserves public confidence in the banking system by insuring deposits.
credit union A nonprofit financial institution that is owned by it's members and is organized for it's benefits.
money market account A savings account in which interest rate varies as market rates change.
check A written order instructing a bank to pay upon its presentation to the person designated in it, or to the person possessing it, a certain sum of money from the account of the person who draws it.
bank reconciliation A report that accounts for the differences between a person's bank statement and his or her checkbook balance.
debit card A card issued by a financial institution that allows you to withdraw money from your account or pay for purchases by deducting funds directly from your account.
point of sale transaction The use of a debit card to purchase an item or service at a retail store, in a restaurant and elsewhere.
compounding The process in which interest is earned on both the principal and any previously earned interest.
annual percentage yield (APY) The amount of interest that a financial institution would pay on a $100 dollar deposit, after compounding, for one year.
rate of return The percentage of increase in the value of savings from earned interest.
endorsement The signature of a payee on the back of a check
commercial bank A for-profit institution that offers a full range of financial services.
Savings and loans (S and L) A financial institution that traditionally specialized in savings accounts and mortgage loans; today they also offer many of the same services that commercial banks provide.
Automated teller machine (ATMs) Computer terminals people use to withdraw cash from their bank accounts, make deposits, and transfer money from one account to another; also know as cash machines.
stop order payment A request that a financial institution not cash a particular check; financial institution charge a fee for this service.
US. savings bond A registered, non-callable, non-transferable bond issued by the U.S. Government, and backed by its full faith and credit.
over-draft protection An automatic loan made to you if you write a check for more money than you have in your account.
interest earning checking account A cross between checking and savings, these accounts usually pay interest (a very low rate) if you maintain a minimum balance.
regular checking account An account that does may or may not require a minimum balance, however, if your account does require a minimum balance and drops below the amount, you will have to pay a monthly service charge.
mutual savings banks They specialize in savings accounts and mortgage loans. Some offer personal and automobile loans at lower interest rates. They sometimes offer a higher interest rate on savings accounts.
direct deposit Electronic funds that are deposited directly into your bank account rather than through a paper check.
store valued cards Pre-paid cards that you can spend for bus or subway fares, school lunches, long distance phone calls, or library fees.
Created by: pmarin