TERMS 1
A certain balance that banks might require you to have to open an account, earn interest, or avoid fees.
What is minimum balance?
A percentage of your balance that the bank pays you for keeping your money at that bank. Not all accounts pay interest.
What is interest?
A card issued by the bank to make payments from. Payment will come directly from your account.
What is a debit card?
This is a written order to the bank to pay money from your account.
What is a check?
An institution owned by its members.
What is a credit union?
The agency that insures savings, checking, and other deposit accounts.
What is FDIC?
An identity document that includes a photograph of the holder, usually only his or her face.
What is photo ID?
Documents that function as cash but written to a specific person or company.
What are checks?
A convenient place to keep money that you will need soon.
What is a checking account?
Owned by shareholders and operated for their profit.
What is a commercial bank?
A secret code that protects the security of your accounts.
What is a PIN number?
The individual or business to whom the check is being made out.
What is a payee?
A card issued to serve as a temporary loan from the bank.
What is a credit card?
Smallest amount the bank will allow you to deposit usually used when you open your account for the first time.
What is minimum deposit?
Institution operating solely over the internet
What is a internet-only (online) bank?
An account that lets you write checks to pay bills or buy goods.
What is a checking account?
An act of taking money out of an account.
What is withdrawal?
A check from a personal checking account that has been stamped by the bank to guarantee there is enough money in the account.
What is a certified check?
If you write a check for more than your balance, your account will be...
What is overdrawn?
A state-chartered institution operated by trustees for benefit of depositors.
What is a mutual savings bank?
Once a month you will get this record from your bank listing all the deposit, checks, and withdraws you have made.
What is bank statement?
Lack of sufficient funds to cover the full amount of your check
What is an overdraft?
A "purchased" certificate used to pay a specific amount to a particular person.
What is a money order?
Make sure your statement is correct and agrees with your checkbook record.
What is reconcile?
Originally specialized in providing funds to home buyers, but now offer a wide variety of services.
What is a savings and loan bank?