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Savings & checking

QuestionAnswer
Savings Account A bank account where a customer can deposit money, withdraw money and earn interest on the balance.
Principal Total amount borrowed, loaned, invested, not including interest or service charge.
Withdraw To take money out of an account.
Money Market Type of savings account, which is FDIC insured, has the same features as a checking account, the transactions are limited, it is very safe, low interest rates, it is temporary story for cash.
Withdrawal Slip Form that a customer uses to take money out of his/her account.
Deposit Put money into your account.
Transactions An agreement between buyer and seller and is used to exchange an asset for payment.
Interest An amount paid when borrowing money, an amount received from a savings account.
Certificate of Deposit A bank account that keeps money for a specified period, higher interest and there is a penalty to take it out early.
Co-signer A second person who signs a loan application and is equally responsible.
Compound Interest When interest is paid on the initial principal the the interest you money has earned over time.
ATM Automated teller machine, specialized computer used by a bank, customers use to get cash, make deposits, transfer money.
Endorse To sign the back of a check, authorizes the check to be exchanged for cash or credit.
Savings Account Register Used to track your deposits, withdrawals and current balance.
Compound Interest When interest is paid on initial principal, and the interest your deposit has earned over time.
Deposit To put money into your account.
Term Period of time a loan is scheduled to be repaid.
Deposit Slip Form, a customer lists the amounts, types of funds they are depositing.
PIN Personal identification number, Secret combination of letters or numbers, used to gain access to your account through an ATM.
Deposit Envelope Printed envelope provided by a bank, customer puts cash and checks when they want to deposit, it records deposit information on the outside.
Simple Interest interest paid only on the principal.
Created by: eramig
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