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Banking Vocabulary

Terms and Definition

TermDefinition
Check A written order instructing a financial institution to pay immediately on demand a specified amount of money from the check writer's account to the person named
Cashier’s check A check drawn on the funds of the bank, not against the funds in a depositor's account
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 The amount of time between when an individual writes and submits a check as a payment
Checkbook register Is usually part of the general ledger, and is used to record financial transactions in cash.
Check Endorsement Both parties agree to this and the account information included on the back of a check acknowledges that the intended recipient received the document and deposited it
Overdraft The amount of money withdrawn from a bank account is greater than the amount actually available
Overdraft protection It is usually a line of credit that banks offer to their customers to cover their overdrafts
Stop payment order It Is a request to cancel a payment made and which it hasn’t been fully processed
Demand deposit a deposit of money that can be withdrawn without prior notice
Deposit in transit that a company has received and is rightfully reported as Cash on its balance sheet but doesnt show til later
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 It is used by the participants as a way of borrowing and lending for the short term.
Liquidity the availability of liquid assets (money) 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 are liquid accounts for payments and everyday spending, they are also used to pay dividends
Principal may be part of a monthly payment that reduces the outstanding balance of a loan
. Compound interest is the addition of interest to the principal sum of a loan or deposit
Certificate of deposit they tend to pay more than savings accounts and money market accounts but you don’t touch it for a certain amount of time to build interest
Maturity Is the date on which the principal amount of a note, draft, acceptance bond or another debt instrument becomes due and is repaid to the investor
Created by: nicholaselk339