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Wise 81-100
epf terms
| Term | Definition |
|---|---|
| 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. |