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Banking Terms
| Term | Definition |
|---|---|
| Check | Written order to instruct a bank to transfer money from the person writing the check, to another’s account |
| Cashier's Check | check drawn on the bank’s funds, not on the funds in the depositor’s account |
| Certified Check | personal check drawn by a person that is guaranteed to be good |
| Canceled Check | a check that a bank has paid, charged to the account and then endorsed |
| Outstanding Check | check written by a depositor that has not yet been presented for payment or paid by the depositor’s bank |
| Floating a Check | amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks |
| Checkbook Register | register of the checks that have been written |
| Check Endorsement | signature on the front of back of check meaning both parties agree to exchange money |
| Overdraft | when the amount of money withdrawn is more than the amount available in the account |
| Overdraft Protection | protects you in case you overdraft your account |
| Stop Payment Order | an order not to pay a check that has been issued but hasn’t been cashed |
| Demand Deposit | a deposit of funds that can be withdrawn without any advance |
| Deposit in Transit | a deposit that hasn’t entered the account yet |
| Reconciliation | alleged practice of certain lending institutions of not making mortgage, home improvement, and small business loans in certain neighborhoods |
| Money Market Account | interest-bearing account that typically pays higher interest rate than a savings account |
| Liquidity | availability of liquid assets to a market |
| Interest | the cost of using money, a right, share, or title in property |
| Share Accounts | pays dividends, similar to interest from a bank savings account |
| Principal | pays dividends, similar to interest from a bank savings account |
| Compound Interest | interest calculated on the initial principal |
| Certificate of Deposit | negotiable instrument issued by a bank in exchange for funds, usually bearing interest, deposited with the bank |
| Maturity Date | the date when the principal balance of a loan, bond, or other financial instrument becomes due and payable |
Created by:
s.paxton.zellner
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