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Consumer Economics
| Term | Definition |
|---|---|
| ATM (Automated Teller Machine) | A bill-paying arrangement in which your bank removes money from your account at a specified time and sends it to a company to pay your bill. |
| Canceled Check | A check with the bank's stamp on it, indicating that it has been paid. |
| Cashier's Check | A bank's own personal check. signed by the bank's cashier. Payment of this check comes from the bank's own funds. |
| Bank Statement | At the end of the month, your bank sends you a statement showing all your transactions that have been recorded by the banks and any fees that have been charged to your account over that month. |
| Certificate of Deposit (CD) | A deposit in a savings institution that earns a fixed interest rate for a specified period of time. |
| Certified Check | A personal check that has been stamped and signed by a bank officer as a guarantee that your account has the funds to cover the check. |
| Credit Union | A financial institution that provides banking services to its members, who are people who share a common bond, such as a certain profession, church group, or labor union. |
| Commercial Bank | A financial institution that serves individuals and business with a wide variety of accounts, loans, and other financial services. |
| Debit Card | Card that transfers funds electronically from your checking account to the store's account to pay for a purchase. |
| Direct Deposit | Depositing an employee's pay into the employee's bank account electronically instead of using a paper paycheck. |
| EFT (Electronic Funds Transfer)/Wire transfer | The movement of funds from one account to another by computer. |
| Endorsement | You signature on the back of a check, acknowledging that you received the funds or transferred your right to the funds to someone else. |
| FDIC (Federal Deposit Insurance Corporation) | A federal government agency that insures deposits in banks. |
| Joint Account | |
| Money Market Account | A deposit for which the interest rate changes over time as interest rates in the economy change. |
| Money Order | A check that draws on the funds of the bank or other financial business that issued it. |
| Online Banking | Many banks have web sites at which consumers may complete transactions online. To use this service, you must register with your bank. |
| Outstanding Check | |
| Overdraft Protection/NSF Check | |
| Payee | The person or business to whom a check is written. |
| PIN (Personal Identification Number) | Your secret number that identifies you to an ATM as the owner of the ATM card. |
| Point of Sale Transaction | |
| Prepaid Cards | |
| Reconciling your Account | Your checking to make sure that what the banks says you have is what you think you have. |
| Saving & Loan | Trading current spending for the ability to spend in the future. |
| Signature Card | |
| Stop Payment Order | |
| Traveler's Check | Checks that you pay for in advance, and if they are lost or stolen, the issuing company replaces them. |
| Truth-in-Savings Act | |
| Wire Transfer | An electronic communication that moves funds from an account in one bank to an account in a different bank instantly |
Created by:
11mkinsley
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