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Budget And Banking

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Term
Definition
ATM   electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.  
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Account Balance   A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world  
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Budget   An estimate of income and expenditure for a set period of time  
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Checking Account   An account at a bank against which checks can be drawn by the account depositor An account at a bank against which checks can be drawn by the account depositor  
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Cleared Check   Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction  
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Credit Union   Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.  
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Debit Card   An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services  
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Deposit   The action of deposing someone, esp. a monarch.  
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Direct Deposit   Electronic funds that are deposited directly into your bank account rather than through a paper check  
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Endorse   Declare one's public approval or support of.  
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Expense   The cost required for something; the money spent on something  
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FDIC   Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100000.  
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Fees   A payment made for professional advice or services A payment made for professional advice or services.  
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Financial Literacy   Financial literacy is the ability to understand finance  
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Financial Security   A security is a fungible, negotiable instrument representing financial value  
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Fixed Expense   Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change  
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Income   Money received, esp. on a regular basis, for work or through investments Money received, esp. on a regular basis, for work or through investments  
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Intrest   The state of wanting to know or learn about something or someone: "many people lose interest in history".  
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Loan Overdraft   Loan arrangement under which a bank extends credit up to a maximum amount  
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Memo   A written message, esp. in business; a memorandum.  
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Needs   Cannot avoid or help doing something: "they must needs depart".  
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Non-Sufficient Funds   Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored  
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Online Banking   Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail  
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Payee   A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.  
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Payer   a person who pays money for something  
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Reconcile   Cause to coexist in harmony; make or show to be compatible  
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Savings   An economy of or reduction in money, time, or another resource.  
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Variable Expenses   Variable costs are expenses that change in proportion to the activity of a business  
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Wants   Have a desire to possess or do (something); wish for.  
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Withdrawal   An act of taking money out of an account  
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