Term | Definition |
ATM | An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. |
Account balance | An account balance is the amount of money in a financial repository, such as a checking account, at any given moment. |
Bank Reconciliation | A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement and the corresponding amount shown in the organization's own records |
Budget | an estimate of income and expenditure for a set period of time. |
Checking Account | an account at a bank against which checks can be drawn by the account depositor |
Check Register | A check register, also called a cash disbursements journal, is the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period. |
Cleared Check | The movement of a check from the depository institution at which it was deposited back to the institution on which it was written; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts |
Debit Card | a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
Deposit | a sum of money placed or kept in a bank account, usually to gain interest |
Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
Endorse | sign (a check or bill of exchange) on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it. |
Expense | the cost required for something; the money spent on something |
FDIC | The Federal Deposit Insurance Corporation (FDIC) is the U.S. corporation insuring deposits in the United States against bank failure. |
Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services. |
Financial Literacy | Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it |
Financial Security | A security is a financial instrument that represents an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option. |
Fixed Expense | A fixed expense is an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity |
Income | money received, especially on a regular basis, for work or through investments |
Interest | Interest is the charge for the privilege of borrowing money, typically expressed as annual percentage rate. Interest can also refer to the amount of ownership a stockholder has in a company, |
Loan Overdraft | overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal. |
Memo | a written message, especially in business. |
Needs | require (something) because it is essential or very important |
Non-Sufficient Funds | (NSF) is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account |
Online Banking | Online banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website |
Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
Payer | one that pays; especially : the person by whom a bill or note has been or should be paid. |
Reconcile | make (one account) consistent with another, especially by allowing for transactions begun but not yet completed. |
Savings | the money one has saved, especially through a bank or official scheme |
Variable Expenses | A variable cost is a corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume |
Wants | have a desire to possess or do (something); wish for |
Withdrawal | an act of taking money out of an account |
Credit union | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |