Occurs when you use money from your checking account either electronically or by writing a check.

Electronic Funds Transfer (EFT)

An electronic withdrawal occurs when funds are transferred to either another account or to pay a bill.

Looks like a credit card, but the money is deducted directly from your checking account when a purchase is made.

Money placed in a bank account by using a deposit slip or via direct deposit.

Electronic transfer of money directly from one payer to another account.

A helpful tool when comparing your records to your bank statement.

Issued monthly and includes the balance of your account along with account activity

Allow cardholders to use funds from a credit card company

The maximum amount that can be borrowed on the account.

The yearly fee that a credit card holder pays for the use of the card.

The amount of credit available that you can use toward purchases.

You will avoid finance charges such as Interest and late payment fees if you pay within the grace period.

Typically 21-30 days after the new purchase.

The least amount that must be paid on an outstanding balance.

An extension of money from one party to another, agreeing that the money will be paid back with interest.

The amount of money you agree to pay for the item you are buying.

Amount of money owed to the bank when the loan is acquired

The length of time it will take to pay back the loan.

The rate paid for the use of the money borrowed.

Amortization Schedule

A series of loan payments that include the principal plus the interest that makes up each payment.

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Checking Account Basics

Term	Definition
Withdrawal	Occurs when you use money from your checking account either electronically or by writing a check.
Electronic Funds Transfer (EFT)	An electronic withdrawal occurs when funds are transferred to either another account or to pay a bill.
Debit Card	Looks like a credit card, but the money is deducted directly from your checking account when a purchase is made.
Deposit	Money placed in a bank account by using a deposit slip or via direct deposit.
Direct Deposit	Electronic transfer of money directly from one payer to another account.
Endorse	To sign
Checkbook Register	A helpful tool when comparing your records to your bank statement.
Blank Statement	Issued monthly and includes the balance of your account along with account activity
Credit Cards	Allow cardholders to use funds from a credit card company
Credit Limit	The maximum amount that can be borrowed on the account.
Annual Fee	The yearly fee that a credit card holder pays for the use of the card.
Available Credit	The amount of credit available that you can use toward purchases.
Finance Charges	You will avoid finance charges such as Interest and late payment fees if you pay within the grace period.
Grace Period	Typically 21-30 days after the new purchase.
Minimum Payment	The least amount that must be paid on an outstanding balance.
Loan	An extension of money from one party to another, agreeing that the money will be paid back with interest.
Purchase Price	The amount of money you agree to pay for the item you are buying.
Principal	Amount of money owed to the bank when the loan is acquired
Loan Term	The length of time it will take to pay back the loan.
Interest Rate	The rate paid for the use of the money borrowed.
Amortization Schedule	A series of loan payments that include the principal plus the interest that makes up each payment.

Created by: user-2016985

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