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Banking Unit Vocab

TermDefinition
1. Check a written order to a bank to pay an amount of money from the owner’s account
2. Cashier’s check Check that is guaranteed by a bank, drawn from bank funds, and signed by a cashier.
3. Certified check A check guaranteed by the bank
4. Cancelled check A check that has cleared the owner’s account and been marked cancelled. Proof of payment.
5. Outstanding check A check that has been written by a company but it has not yet cleared the bank account on which it was taken from.
6. Floating a check (float) float is duplicate money in the bank during the time between a deposit being made and the money being deducted.
7. Checkbook register A document to record financial transactions.
8. Check Endorsement A signature showing that both parties have agreed to the amount on the check.
9. Overdraft a deficit in a bank account caused by drawing more than the account holds.
10. Overdraft protection Overdraft protection is a line of credit that banks offer to their customers to cover their overdrafts
11. Stop payment order A stop payment is a request made to a financial institution to cancel a check or payment that has not been processed yet.
12. Demand deposit a deposit of money that can be withdrawn without notice.
13. Deposit in transit (outstanding deposit) Money that has been received by a company and sent to the bank, but which has not yet been processed and posted to the account by the bank.
14. Reconciliation A process that explains the difference on a specified date between the bank balance shown and an organization’s bank balance
15. Money market account an interest-bearing account that typically pays a higher interest rate than a savings account, but provides the account holder with limited check-writing ability.
16. Liquidity The available of cash assets to a market or company
17. Interest money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
18. Share account share account is an account at a credit union
19. Principal the original sum of money borrowed in a loan, or put into an investment.
Created by: zbut
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