Monthly record of all activity within an account, provided by the bank.

A check that has been stamped to show that the payee has received the designated amount from the bank and that amount has been deducted from the account holder's checking account.

A written order to pay a specific sum from funds held in a bank or credit union account.

Check Register/Ledger

A record of all activity that happens within a checking account; maintained by the checking account holder.

A written mark on the back of a check, such as a signature, entitling the payee to either receive or transfer payment.

Charges for the use of certain bank services. These services vary but could include returning cancelled checks, writing more than a certain number of checks monthly, use of various bank cards, etc.

Money paid to savers and investors by financial institutions, government, or business entities for the use of their money.

Requirement to keep a certain amount of money in the account, otherwise, monthly service charges may result.

Outstanding Transactions

Transactions that do not clear the bank by the date of the bank statement.

Lack of sufficient funds in a checking account to cover the full amount of a check. A bank or credit union will charge an Overdraft Fee (service charge) to cover expenses involved in returning a check and handling other procedures caused by an overdraft.

Procedure agreed upon by an account holder and a bank in advance to transfer funds from a savings or credit account to a checking account to cover insufficient funds.

The person or organization to whom a check is made payable.

Reconciling a Bank Statement

Balancing a bank statement with a check register/ledger.

Some accounts have a limit on the number of transactions performed during a certain time period. These may include the number of withdrawals, number of teller-assisted activities, etc.

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Banking Vocab

Financial Literacy Banking Unit Vocabulary Study Stack. Matching quiz 2/11

Term	Definition
Bank Statement	Monthly record of all activity within an account, provided by the bank.
Cancelled Check	A check that has been stamped to show that the payee has received the designated amount from the bank and that amount has been deducted from the account holder's checking account.
Check	A written order to pay a specific sum from funds held in a bank or credit union account.
Check Register/Ledger	A record of all activity that happens within a checking account; maintained by the checking account holder.
Endorsement	A written mark on the back of a check, such as a signature, entitling the payee to either receive or transfer payment.
Fee	Charges for the use of certain bank services. These services vary but could include returning cancelled checks, writing more than a certain number of checks monthly, use of various bank cards, etc.
Interest	Money paid to savers and investors by financial institutions, government, or business entities for the use of their money.
Minimum Balance	Requirement to keep a certain amount of money in the account, otherwise, monthly service charges may result.
Outstanding Transactions	Transactions that do not clear the bank by the date of the bank statement.
Overdraft	Lack of sufficient funds in a checking account to cover the full amount of a check. A bank or credit union will charge an Overdraft Fee (service charge) to cover expenses involved in returning a check and handling other procedures caused by an overdraft.
Overdraft Protection	Procedure agreed upon by an account holder and a bank in advance to transfer funds from a savings or credit account to a checking account to cover insufficient funds.
Payee	The person or organization to whom a check is made payable.
Reconciling a Bank Statement	Balancing a bank statement with a check register/ledger.
Transaction Limits	Some accounts have a limit on the number of transactions performed during a certain time period. These may include the number of withdrawals, number of teller-assisted activities, etc.

Created by: Fant4stic

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