Term
click below
click below
Term
Normal Size Small Size show me how
Personal Finance
Next Generation Personal Finance Vocab
Term | Definition |
---|---|
Balance | The amount of money that you have in your bank account |
Cancelled check | Checks the bank has paid. They will appear on your bank statement. |
Check | A written order to the bank that tells it to take a stated amount of money from your account and pay it to another. |
Checkbook | A handy portfolio that holds your check register, checks, deposit slips, receipts, and other ATM/debit card transactions. |
Check register | A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals. |
Credit | A sum of money deposited INTO an account. You can use a credit to charge merchandise or borrow money. |
Debit | A sum of money deducted from your account. |
Debit card | A plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check. |
Deposit | Money you put into your account. |
Deposit slip | A form you fill out to credit money to your account when you make a deposit. |
Direct deposit | Your employer automatically deposits your paycheck into your account. |
Endorse | To sign the back of a check made out to you so it can be cashed or deposited. |
Interest | A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card. |
Overdraw | To write a check or make a withdrawal when there isn't enough money in the account to pay for it. |
Post-date | To write a future date on a check. |
Reconcile | To "balance" your checking account with your monthly statement from the bank. |
ATM | Automatic Teller Machine. Allows a customer to get out physical currency from their account |
Voided check | A check with "VOID" written across it that make it non-negotiable. |
Statement | The monthly record of your account transactions sent to you by your bank. |
Pin | Personal Identification Number needed to use an ATM card. |
Signature card | A card used when opening a new account that includes name, address, birth date, etc. |
Payee | The person to whom the check is made payable. |
Outstanding check | A check that has been written but not yet deducted from the person's bank account. |
Outstanding deposit | A deposit that has been made but not yet added to the person's bank account. |
Credit card | A card that allows the holder to make purchases without cash by borrowing money |
Prepaid card | A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent. |
Person to person payment (P2P) | An online process that allows you to send money directly from your checking account to a friend via email or cell phone. |
Check cashing store | A business that cashes checks, giving the customer cash in exchange for a fee for the service. |
Bank statement | the bank's accounting of your transactions |