Banking Vocab
An institution that receives, lends, borrows, exchanges, issues and safeguards money.
What is a bank?
A written order instructing a bank to pay money from a checking account.
What is a check?
A type of card that is only used to withdraw money from your account at an automated teller machine.
What is an ATM card?
A system of money including coins and paper money.
What is currency?
To take money out of an account.
What is to withdraw?
A written form instructing a bank to put money into an account. This form includes the account holder's name, account number, and the amounts of the checks, cash, and coin being put into the account.
What is a deposit slip?
A type of card that can be used to withdraw money from an automated teller machine, but is also used to make purchases withdrawing money from your account.
What is a debit card?
An itemized list of predicted income and expenses over a period of time; sometimes called a spending plan.
What is a budget?
An account in which money is deposited and used to save for long term goals. this type of account earns interest from the bank.
What is a savings account?
A record showing the check number, person to whom the check is paid, amount of check, the date and balance of your checking account.
What is a checkbook register?
A type of card that allows you to pay later. Purchases can be made with this card throughout the month, and a bill for the total amount of purchases must be paid at the end of each month.
What is a credit card?
A printed record issued by the bank of the balance in a bank account and all of the transactions during that monthly period.
What is a bank statement?
Money borrowed by an individual OR a business to be paid back with interest.
What is a bank loan?
A card on file at the bank with the signature of the person authorized to use an account.
What is a signature card?
Money that can be earned in a savings account or charged to credit card users.
What is interest?
A method of banking in which transactions are conducted electronically via the internet.
What is online banking?
The signature on the back of a check that allows it to be cashed.
What is an endorsement?
A check written for a larger amount than the balance in a checking account. Or a purchase made with a debit card for a larger amount than the balance in a checking account.
What is an overdraft?
The letters written in the Check # column on a checkbook register, when recording a debit card purchase.
What are the letters D.C.?
A type of investment purchased from the bank for a specific amount of money at a fixed rate of interest.
What is a Certificate of Deposit or CD?