Banking Word Scramble
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Term | Definition |
check | A written order telling a financial institution to pay another individual. An order to transfer money to another account |
cashier's check | A check that draws money from the banks funds |
certified check | a check that is guaranteed by a bank |
cancelled check | A check that the money has been already transferred |
outstanding check | A check that has been written but has not been through the bank. Therefore, the money has not been transferred |
Floating a check | – amount of time it takes for money to leave your account |
Check Endorsement | Signature included on the front and back of the check |
Overdraft | when the amount of money taken from the bank is greater than the amount in the account |
Overdraft protection | line of credit that banks offer to their customers to cover their overdrafts |
Stop payment order | request made to cancel a check or payment |
Demand deposit | a deposit of money that fan be withdrawn without prior notice |
Deposit in transit | cash that a company has received |
Reconciliation | process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by thebank, and the corresponding amount shown in the organization's own accounting records. |
Money market account | an interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the accountholder with limited check-writing ability. |
Liquidity | degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price |
Interest | charge to borrow money |
Share Account | an account at a credit union: Share savings accounts pay dividends, similar to interest from a bank savings account |
Principal | specific meaning in the context of commercial law |
Compound Interest | - interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. |
Certificate of deposit | interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. |
Maturity Date | the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid. |
checkbook register | document used to record financial transactions when you pay with cash |
Created by:
laurenlend
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