Bank 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 | a written order instructing an institution to pay a specific amount to a person
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| Cashier’s check | a check drawn on the funds of the bank and not against the funds in the depositor’s account
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| Certified check | a check written by an individual that is guaranteed to be good
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| Cancelled check | a check that the bank has not paid
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| Outstanding check | a check filled out by a depositor that has not yet been presented for payment or paid to the depositor’s bank
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| Floating a check | the amount of uncollectible 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| Overdraft | when the amount of money withdrawn is more than the amount available in the account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 that hasn’t been cashed
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| Demand deposit | a deposit that can be withdrawn without any advance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 | practice of certain lending institutions of not making mortgage, home improvement, and small business loans
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| Money market account | interest-bearing account that typically pays higher interest rate
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| Liquidity | availability of liquid assets to a market
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| Interest | the cost of using money
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| Share Account | pays dividends
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| Principal | outstanding balance on a loan, excluding interest and fees
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| Compound Interest | interest calculated on the initial principal
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| Certificate of Deposit | negotiable instrument issued 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:
tomlackley
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