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paper money and coins used for financial transactions
What is currency
a computer terminal that you can use to make deposits, withdraw cash,transfer money between accounts and check your account balances and pay some bills
What is an ATM?
an electric communication that moves funds from an account in one bank to an account in a different bank instantly
what is a wire transfer?
general increase in the average level of prices in the nations economy
what is inflation?
paper money and coins used for financial transactions
what is currency?
an order to a bank to pay a specified sum to the person or business named
what is a check
a secret number that identifies you to an ATM as an owner of the ATM card
what is a PIN?
a check that draws on the funds of the bank or other financial institution that issued it
what is a money order?
checks made out to you that you sign ove rto someone else
what is a 3rd party check?
a booklet provided by your bank for recording your checking account transactions
what is a check register?
a check with the banks stamp on it indicating it has been paid
what is a canceled check
a card used to transfer money electronically from your checking account to pay for a purchase
what is a debit card?
trading goods and services without using money
what is bartering?
a box with a lock that you may rent from your bank for the safe storage of important papers and valuable possessions
what is a safety deposit box?
writing a check for more than is deposited in your checking account
what is overdrawing?
the movement of money from one account to another by computer
What is electronic funds transfer(EFT)
checks that you pay for in advance and if they are lost or stolen, the issuing company will replace them
what are travelors checks?
a bank account that allows depositors to write checks to make payments
what is a checking account?
a personal check that has been stamped and signed by the bank officer as a guarantee that your account has the funds to cover the check
what is a certified check?
the person or business to whom the check is written
what is a payee?
a banks own personal check , signed by the banks cashier where payment comes from the banks own funds
what is cashiers check?
your signature on the back of a check
what is an endorsement?
depositing an employees pay into the employees bank account electronically instead of using a paper paycheck
what is direct deposit?
a bill paying arrangement in which your bank removes money from your account at a specified time and sends it to a company to pay your bill
what is automatic withdrawal?
the FDIC insures deposits in most banks to a maximum of this amount
what is $250,000?