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Wise 81-100

epf terms

TermDefinition
Check number A unique identifier assigned to each check to track its processing.
Check register A log used to track checks written and deposits made to a bank account.
Check stub The portion of a check that remains with the payer as a record of the transaction.
Checking account number A unique identifier assigned to a checking account for tracking purposes.
Collateralized loan A loan backed by collateral to reduce the risk for the lender.
Commercial bank A financial institution that offers services to the general public and businesses.
Credit The ability to borrow money or access goods or services with the understanding that payment will be made later.
Credit Union A member-owned financial cooperative that offers banking services.
Depositor An individual or entity that places money into a bank account.
Direct deposit An electronic transfer of a payment directly into a bank account.
Endorsement A signature or stamp on the back of a check that allows it to be cashed or deposited.
FDIC The Federal Deposit Insurance Corporation, which insures deposits at banks and thrift institutions.
Finance companies Businesses that provide loans to consumers and businesses, often at higher interest rates.
Financial intermediaries Institutions that connect borrowers and lenders, facilitating the flow of funds.
Free checking A checking account that does not charge monthly fees.
Insufficient funds A term used when an account does not have enough money to cover a transaction.
Line of credit An arrangement between a financial institution and a borrower that establishes a maximum loan balance.
Liquidity The ease with which an asset can be converted into cash without affecting its market price.
Minimum balance required The lowest amount of money that must be maintained in an account to avoid fees.
Money market account A type of savings account that typically earns a higher interest rate and requires a higher minimum balance.
Created by: moonpool13
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