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Banking

TermDefinition
check A written order telling a financial institution to pay another individual. An order to transfer money to another account
cashier's check A check that draws money from the banks funds
certified check a check that is guaranteed by a bank
cancelled check A check that the money has been already transferred
outstanding check A check that has been written but has not been through the bank. Therefore, the money has not been transferred
Floating a check – amount of time it takes for money to leave your account
Check Endorsement Signature included on the front and back of the check
Overdraft when the amount of money taken from the bank is greater than the amount in the account
Overdraft protection line of credit that banks offer to their customers to cover their overdrafts
Stop payment order request made to cancel a check or payment
Demand deposit a deposit of money that fan be withdrawn without prior notice
Deposit in transit cash that a company has received
Reconciliation process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by thebank, and the corresponding amount shown in the organization's own accounting records.
Money market account an interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the accountholder with limited check-writing ability.
Liquidity degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price
Interest charge to borrow money
Share Account an account at a credit union: Share savings accounts pay dividends, similar to interest from a bank savings account
Principal specific meaning in the context of commercial law
Compound Interest - interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan.
Certificate of deposit interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan.
Maturity Date the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid.
checkbook register document used to record financial transactions when you pay with cash
Created by: laurenlend