Bank Terms Word Scramble
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Term | Definition |
Check | a written order instructing an institution to pay a specific amount to a person |
Cashier’s check | a check drawn on the funds of the bank and not against the funds in the depositor’s account |
Certified check | a check written by an individual that is guaranteed to be good |
Cancelled check | a check that the bank has not paid |
Outstanding check | a check filled out by a depositor that has not yet been presented for payment or paid to the depositor’s bank |
Floating a check | the amount of uncollectible funds represented by checks in the possession of one bank but drawn on other banks |
Checkbook register | register of the checks that have been written |
Check Endorsement | signature on the front of back of check meaning both parties agree to exchange money |
Overdraft | when the amount of money withdrawn is more than the amount available in the account |
Overdraft protection | protects you in case you overdraft your account |
Stop payment order | an order that hasn’t been cashed |
Demand deposit | a deposit that can be withdrawn without any advance |
Deposit in transit | a deposit that hasn’t entered the account yet |
Reconciliation | practice of certain lending institutions of not making mortgage, home improvement, and small business loans |
Money market account | interest-bearing account that typically pays higher interest rate |
Liquidity | availability of liquid assets to a market |
Interest | the cost of using money |
Share Account | pays dividends |
Principal | outstanding balance on a loan, excluding interest and fees |
Compound Interest | interest calculated on the initial principal |
Certificate of Deposit | negotiable instrument issued for funds, usually bearing interest, deposited with the bank |
Maturity Date | the date when the principal balance of a loan, bond, or other financial instrument becomes due and payable |
Created by:
tomlackley
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