Banking Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Check | Written order to instruct a bank to transfer money from the person writing the
check, to another’s account
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Cashier's Check | check drawn on the bank’s funds, not on the funds in the depositor’s
account
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Certified Check | personal check drawn by a person that is guaranteed to be good
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Canceled Check | a check that a bank has paid, charged to the account and then
endorsed
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Outstanding Check | check written by a depositor that has not yet been presented for
payment or paid by the depositor’s bank
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Floating a Check | amount of uncollected funds represented by checks in the possession
of one bank but drawn on other banks
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Checkbook Register | register of the checks that have been written
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Check Endorsement | signature on the front of back of check meaning both parties agree
to exchange money
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Overdraft | when the amount of money withdrawn is more than the amount available in
the account
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Overdraft Protection | protects you in case you overdraft your account
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Stop Payment Order | an order not to pay a check that has been issued but hasn’t been
cashed
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Demand Deposit | a deposit of funds that can be withdrawn without any advance
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Deposit in Transit | a deposit that hasn’t entered the account yet
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Reconciliation | alleged practice of certain lending institutions of not making mortgage,
home improvement, and small business loans in certain neighborhoods
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Money Market Account | interest-bearing account that typically pays higher interest rate
than a savings account
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Liquidity | availability of liquid assets to a market
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Interest | the cost of using money, a right, share, or title in property
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Share Accounts | pays dividends, similar to interest from a bank savings account
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Principal | pays dividends, similar to interest from a bank savings account
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Compound Interest | interest calculated on the initial principal
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Certificate of Deposit | negotiable instrument issued by a bank in exchange for funds,
usually bearing interest, deposited with the bank
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Maturity Date | the date when the principal balance of a loan, bond, or other financial
instrument becomes due and payable
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Created by:
s.paxton.zellner
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