Banking Vocab
What is a bank?
an institution that receives, lends, borrows, exchanges, issues and safeguards money.
What is a check?
a written order instructing a bank to pay money from a checking account
What is an ATM card?
a type of card that is only used to withdraw money from your account at an automated teller machine.
What is currency?
a system of money including coins and paper money
What is to withdraw?
To take money out of an account
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 debit card?
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
an itemized list of predicted income and expenses over a period of time; sometimes called a spending plan
What is a savings account?
an account in which money is deposited and is used to save for long term goals.
A record showing the check number, person to whom the check is paid, amount of check, the date and the balance of your checking account.
What is a credit card?
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 bank statement?
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 loan?
What is a direct deposit?
a method of payment where a paying party, such as an employer or government agency, electronically transfers a payment in cash from its bank account into the bank account of the payee.
What is interest?
Money that can be earned in a savings account or charged to credit card users.
What is online banking?
a method of banking in which transactions are conducted electronically via the internet.
What is an endorsement?
The signature on the back of a check that allows it to be cashed.
What is an overdraft?
A check written for a larger amount that 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 are the letters D.C?
the letters written in the check # column on a checkbook register, when recording a debit card purchase.