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Money & Banking
Communism but not communism...
| Term | Definition |
|---|---|
| ATM | An unattended machine (outside some banks or in stores) that dispenses money or adds money to your account when a personal coded card is used. |
| Balance | In banking, it refers to the amount of money in a particular account. |
| Bank Statement | What a bank says you have done with your account for the month. |
| Blank Endorsement | Allows you to cash or deposit all or part of your check. You simply sign the back of your check. |
| Bounced Check | A check that a bank has refused to cash or pay because there are no funds to cover it in the account. |
| Cancelled Check | A "used" check that has been paid and subtracted from the check-writer's account. |
| Check | A business form ordering a bank to pay cash from a bank account. |
| Checking Account | An account for which the holder can write checks. Checking accounts pay less interest than savings accounts, or none at all. |
| Check Register | The book in which you keep records of checks, deposits, debit card transactions, and ATM withdrawals. |
| Clear | A check "_____s" when its amount is debited (subtracted) from the payer's account and credited (added) to the payee's account. |
| Credit/Deposit | Adds money to your account. |
| Credit Card | A type of card issued by a bank that allows users to finance a purchase. |
| Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan. |
| Debit/Withdrawal | Reduces your account balance. |
| Debit Card | A card used to withdraw money from a bank account. |
| Deposit Slip | A bank form listing the cash and checks to be deposited. |
| Direct Deposit | When you get a regular paycheck from your employer and you arrange for them to send your money electronically to your account. |
| Endorse | To approve of and write one's signature on the back of a check. |
| Interest | Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| Online Banking | A service that allows customers to perform banking activities using the internet. |
| Overdraft | Occurs when money is withdrawn from a bank account and the available balance goes below zero. |
| Overdraft Fee | A fee a bank charges when money is withdrawn from a bank account and the available balance goes below zero. |
| Reconcile | To check to make sure your bank account and your check register match up. |
| Restrictive Endorsement | This restricts what the bank can do with your check. For depositing the entire check, For Deposit Only. |
| Savings Account | A bank account that earns interest. |
| Service Charge | A monthly fee a bank charges for handling a checking account. |
| Signature | Your name written in cursive |
| Special Endorsement | This gives your check over to someone else. Pay to the order of... |
| Stop Payment | A request made to a bank to not pay a specific check |
| Withdrawal | An amount of money taken out of an account |
| Withdrawal Slip | A form used to take money out of the bank |
| How to choose a bank? | - Access When Travelling? - Online Banking? - ATM? - Interest Rate? |
| Checking Account Ideas | - Everyday use - ATM - Comes with traditional checkbook - Debit card - Easy online bill transfers |
| Savings Account Ideas | - Not for everyday use - Builds up as emergency fund, vacation, or really expensive thing - Earns interest - No debit card or checkbook |
Created by:
SageMcG
Popular Family and Consumer sets