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Banking Vocabulary

TermDefinition
Check A written order from the check writer to the bank to transfer money from the check writer’s account to someone else’s account.
Cashier's check A check drawn on the funds of the bank, not against the funds in a depositor’s account. However, the depositor paid for the cashier’s check with funds from their account. The primary benefit of a cashier’s check is that the recipient of the check is assu
Certified check A personal check drawn by an individual that is certified to be good.
Cancelled check A check that a bank has paid, charged to the account holder’s account, and then endorsed.
Outstanding check A check written by a depositor that has not yet been presented for payment to or paid by the depositor’s bank.
Floating a check (float) 1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks. 2) The time that elapses between the day a check is deposited and the day it is presented for payment to the financial institution on which it
Checkbook register A document, usually part of the general ledger, used to record financial transactions in cash.
Check endorsement The signature included on the front or back of a check acknowledging that both parties have agreed to exchange the specified amount on the document.
Overdraft When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft, and the account is said to be overdrawn.
Overdraft protection A line of credit that banks offer to their customers to cover their overdrafts. (like when they write a check that is more than they have in their account)
Stop payment order An order not to pay a check that has been issued but not yet cashed. If requested soon enough, the check will not be debited from the payer’s account. Most banks charge a fee for this service.
Demand deposit A deposit of funds that can be withdrawn without any advance notice.
Deposit in transit (outstanding deposit) Money that has been received by a company and sent to the bank, but which has not yet been processed and posted to the account by the bank.
Reconciliation The process of analyzing two related records and, if differences exist between them, finding the cause and bringing the two records into agreement.
Money market account An interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the account holder with limited check-writing ability.
Liquidity The availability of liquid assets to a market or company.
Interest Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Share account An account at a credit union that pay dividends. They are liquid accounts for payments and everyday spending.
Principal The outstanding balance on a loan, excluding interest and fees.
Compound interest Interest calculated on the initial principal.
Certificate of deposit (CD) A certificate issued by a bank to a person depositing money for a specified length of time.
Maturity date The final payment date of a loan or other financial instrument, at which point the principal is due to be paid.