Banking Terms
The act of placing money into a bank account for safekeeping
What is a deposit
This lets you know when you can go ahead and cash your cheque
What is the date line
written instruction given to a bank to pay a specific amount of money
What is a cheque
Opening a bank account for savings would fall under the bank service of
What is financial intermediary
This allows the customer to draw money directly from their savings or chequing account
What is a debit card
This refers to the removal of funds from a bank account, savings plan, pension or trust
What is a withdrawal
This helps you to keep track of your cheques
What is a cheque number
legal tender that can be used in the exchange of goods and services
What is cash
Cheques, Demand draft and direct online money transfer represent which service offered by banks?
What is a payment service
These are located at convenient places that allows customers access to their banking information and complete different transactions
What is an automated teller machine
A 4-digit number combination known only to you, and allows you to access your account information
What is a personal identification number
This lets you know where the funds should come from to give to the payee
What is an account number
This allows you to borrow money in small amounts from the bank to make purchases however interest is charged for late payment
What is a credit card
services such as safe deposit lockers, cheque pick up facility fall under what category?
What are ancillary services
This allows you to access your account history and transactions from anywhere.
What is online banking
A financial institution that provides various financial services, such as accepting deposits and issuing loans.
What is a commercial bank
This gives information on the purpose of the cheque
What is a memo line
What advantage of using a cheque does this statement represent:
'better than carrying around bank notes and prevents one from having the count bank notes and possibly making mistakes'
What is convenience
Accepting deposits from customers and then lending these funds to borrowers represents which bank service?
What is financial intermediary
An app that allows you to take advantage of online banking
What is mobile banking
This enables the customers to perform several banking operations without the help of a teller
What is automatic banking
This is the personal identification number for the bank on which the cheque is drawn
What is a routing number
Taking a loan from a financial institution to purchase a car represents utilizing which service offered by banks?
What is a financial service
Services that generate income for the commercial bank such as investment banking, foreign exchange business, wealth management and remittance fall under what service provided by banks?
What is a financial service
This allows the costumers to place a later date on cheques that grants them time to put funds into their accounts.
What is post-dated