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Bank Terms

TermDefinition
Check a written order instructing an institution to pay a specific amount to a person
Cashier’s check a check drawn on the funds of the bank and not against the funds in the depositor’s account
Certified check a check written by an individual that is guaranteed to be good
Cancelled check a check that the bank has not paid
Outstanding check a check filled out by a depositor that has not yet been presented for payment or paid to the depositor’s bank
Floating a check the amount of uncollectible 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Overdraft when the amount of money withdrawn is more than the amount available in the account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 that hasn’t been cashed
Demand deposit a deposit that can be withdrawn without any advance
Deposit in transit a deposit that hasn’t entered the account yet
Reconciliation practice of certain lending institutions of not making mortgage, home improvement, and small business loans
Money market account interest-bearing account that typically pays higher interest rate
Liquidity availability of liquid assets to a market
Interest the cost of using money
Share Account pays dividends
Principal outstanding balance on a loan, excluding interest and fees
Compound Interest interest calculated on the initial principal
Certificate of Deposit negotiable instrument issued 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: tomlackley