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Banking Simulation
Vocabulary for Banking Simulation
| Term | Definition |
|---|---|
| Bank statement | record the bank keeps of all of your monthly transactions for your bank account |
| Service charge | some banks charge a fee for doing your banking |
| Bank check | a written order of a bank depositor upon that bank to pay a certain amount on demand to a specified party. |
| Traveler’s check | a cash substitute that is insured against loss or theft and that is sold by an agency or by a bank. |
| Money order | a check drawn on an agency’s or a bank’s own account by an authorized officer of that agency or bank |
| Credit card | Card holders use them to charge purchases up to a maximum amount set by the bank. |
| Bank debit card | another type of bank card that may be available to bank customers. Use at stores & atm. It takes the money directly out of your account, the same way a check would. |
| Loans | the bank can lend you money for a certain length of time if you meet the qualifications the bank establishes. |
| Collateral | Is a property of value that can take the place of a money payment |
| Online banking | uses the internet and their personal bank |
| Interest | the bank will periodically pay you a compensation for the use of your money OR the additional money you pay back on a loan. |
| Check | is a substitute for money |
| Payee | the party to whom the instrument is payable |
| Drawer | the party who request (orders) that payment be made |
| Drawee | the party who pays the money to the payee. Always a bank (or other financial institution),bank name is usually printed on the check. |
| Individual account | a checking account to be used by only one person |
| Joint account | a checking account to be used together jointly by more than one person usually a couple |
| Business account | a checking account used by a business |
| Partnership account | another type of business checking account and is used when two or more partners are involved. |
| Outstanding checks | checks that still haven’t cleared through the bank and into your checking account |
| Outstanding deposits | deposits that haven’t yet cleared through the bank and into your checking account. |
| Overdrawn | when you withdraw more money than what you actually have in the bank, or when you write a check for more money than you actually have |
| Blank endorsement | the payee simply signs the back of the check. |
| Check register | is your record of all transactions made |
| Check number | each check in your checkbook will be numbered consecutively |
| Restrictive endorsement | not only includes the signature of the payee but also tells what is done with the check |
Created by:
mrshassig
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