Checking
A ________ is an order to withdraw funds from a checking account.
check
_____ The customers of a credit union.
Members
___________ An automatic deposit of a paycheck without having to take a physical check to the bank.
Direct Deposit
_________ The amount of money in a bank account.
Balance
______ the price paid for the use of borrowed money.
Interest
_______ Fee charged when the withdrawal from an individual's bank account exceeds the available balance in the account.
Overdraft
________ Electronic transfer of funds-usually between banks.
Wire transfer
___________ A signature or stamp on the back of a check allowing the check to be cashed or deposited.
Endorsement
An automated teller machine is called a ____.
ATM
If you lose your debit card, or if it’s stolen, _________ your bank immediately.
notify
A _________________ is a cash card that allows you to withdraw money or pay for purchases from your bank account.
debit card
A ________________________ is a for-profit institution that offers a full range of financial services, including checking, savings, and lending.
commercial bank
A _________________________ is a non-profit financial institution that is owned by its members.
credit union
What are the common fees that checking accounts may include?
overdraft
stop payment order
ATM
monthly service fee
________ an order made by an account holder instructing the depository institution to refuse payment on an already issued check.
Stop Payment Order
With you ___________________, or permission, your bank will withdraw the amount of your monthly payment or bill from your bank account.
authorization
__________________ Numbers that serve to identify the specific financial institution responsible for the payment of a negotiable instrument.
Routing
_______ Using mobile devices as tools for banking and making payments.
Mobile Banking
_________ An electronic way to view account activity and pay bills via the Internet and an institution's website.
Online banking
Banks make money by making ____.
loans
_____ Person designated to receive the funds of an account upon the death of the account holder.
Beneficiary
Identify 4 types of financial services:
Checking Accounts
Savings Accounts
Lending
Other - Retirements & Investments
What are some benefits of online banking services?
Convenience
Speed
Ability to react quickly to issues
Monitoring
The endorsement is the __________________ of the payee, the party to whom the check has been written.
signature
A _____________________ is a report that accounts for the differences between the bank statement and a checkbook balance.
bank reconciliation