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Checking
Vocab
| Term | Definition |
|---|---|
| Federal Deposit Insurance Corporation (FDIC) | Protects depositors money in case of the failure of a bank or financial institution, up to $250,000. |
| Electric funds transfer (EFT) | A system through which funds are moved electronically from one account to another from one bank to another. |
| Service Charge | A fee a bank charges for handling a checking account. |
| Deposit Slip | A bank form used to put money into your account. You list all items you are depositing (currency, coins, checks) |
| Endorse | To sign your name on the back of a check payable to you. |
| Check Register | Separate form for recording deposits and withdrawals in your checking account. |
| Overdrawing | Writing a check for more than you have in your account. |
| Withdrawal | Taking money out of your bank account. |
| Deposit | Putting money into your bank account. |
| Bank Statement | Every month the bank will send you a report listing checks paid, deposits made and service charges. |
| Outstanding Checks | Checks you have written and subtracted from your check register, but have not been cashed yet or deducted from the bank statement balance. |
| Reconcile | To make the bank statement balance match your checkbook balance. |
| Cancelled Checks | Checks that have been cashed and the bank has paid. |
Created by:
Knuddar
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