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Financial Lit Vocab

TermDefinition
Direct Deposit -the electronic transfer directly from the payer to the recipient's account.
Automated Teller Machine -a machine that dispenses cash when an account holder inserts a bank card.
Debit Card -a card issued by a bank allowing the owner of the card to transfer money electronically to another bank account.
Point of Sale Transaction -a purchase by a debit card of a good service at a retail store or a restaurant.
Commercial Bank -a for-profit institution that offers a range of financial services.
Savings and Loan Association -a financial institution that traditionally specialized in savings accounts and mortgage loans.
Credit Union -a non profit financial institution that it owned by its members and organized to their benefit.
Certificate of Deposit -a savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return.
Money Market Account -a savings account that requires a minimum balance and earns interest that varies from month to month.
Rate of Return -the percentage of increase in the value of your savings from earned interest.
Compounding -the process in which interest is earned on both the principal and on any previously earned interest.
Annual Percentage Yield (APY) -the amount of interest that a $100 deposit would earn for one year.
Overdraft Protection -an automatic loan made to an account if the balance will not cover checks written.
Stop-payment Order -a request that a bank not cash a particular check.
Endorsement -the signature of the payee, the party to whom the check has been written to.
Bank Reconciliation -a report that accounts for the differences between the bank statement and a checkbook balance.
Created by: k.schischkin.
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