Accounts/ Banking
You use this to build up an amount of money for future needs
What is a SAVINGS ACCOUNT?
A business that is owned by two or more people
What is a Partnership?
You use this to withdraw cash from your card
What is an ATM?
Government agency that insures
bank deposits up to $250,000 per depositor, per bank
What is FDIC
A service that prevents declined transactions by covering
overdrafts, but may charge fees
what is overdraft protection?
An account for frequent deposits and withdraws usually used for everyday expenses.
What is a checking account?
A business that qualifies for tax-exempt status by the IRS, company does not earn profit. Revenue supports organization’s mission and keeps the business running
What is a Non-proft Organization?
A secure storage box at a bank for valuable items and important
documents
what is a safe deposit box?
Government agency that insures
deposits at credit unions up to $250,000.
what is NCUA ?
A card linked to your checking account that allows you to make purchases
or withdraw cash directly from your account balance.
what is a Debit card?
A savings account with higher interest.
What is a Money Market account?
A company that is registered by a state, legal entity that operates separately from its owners
What is a coroporation?
A monthly record of all transactions in your account
What is a bank statement?
A financial institution that accepts deposits, makes loans, and provides other
financial services
What is a bank?
The movement of money electronically from one
bank account to another
Managing your bank account online.
What is online banking?
A license provided by a parent company, opens up more locations of the parent company
What is a Franchise?
a prepaid financial instrument, like a secure personal check, that can be used for purchases or exchanged for local currency while traveling abroad
What is a travelers check?
A nonprofit financial institution owned by its members; offers many of the
same services as banks, often with lower fees and better interest rates.
what is a credit union?
The process of comparing your checkbook register or personal records
with the bank statement to ensure accuracy
What is reconciliation?
Using a smartphone app to preform banking activities.
What is Mobile Banking?
a business that is jointly owned and operated by a group of people
What is a cooperative?
A 4 digit code used to identify and individual
What is a PIN number?
Regulates workplace safety standards.
What is OSHA?
A charge by banks for account services, like low
balance or excessive withdrawals.
What is service fee?