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Banking Terms

TermDefinition
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Overdraft when the amount of money withdrawn is more than the amount available in the account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Demand Deposit a deposit of funds that can be withdrawn without any advance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