Financial Institutions
A financial institution licensed to receive deposits and make loans.
What is a bank?
A secure way to send money for a small fee, and it never bounces.
What is a money order?
The last set of numbers at the bottom of your check that helps you keep track of which check you're writing.
What is the check number?
Another word for a checking account because the money can be withdrawn at any time.
What is a demand deposit?
A place that financial institutions offer customers store valuable items or documents.
What is a safe deposit box?
A not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.
What is a credit union?
A personal check that the bank guarantees to be good.
What is a certified check?
This where you note what the check was written for.
What is the memo line?
A card that deducts money directly from your checking account.
What is a debit card?
This occurs when a bank can't process a check due to insufficient funds.
What is a bounced check?
The term used to describe internet banking.
What is online banking?
With this type of protection, your checks will be covered even if you have insufficient funds in your checking account.
What is overdraft protection?
The person or organization to whom a check is payable.
Who is the payee?
This is where you record all of the check and cash transactions to your checking account.
What is a check register?
Occurs when a person writes a check, hoping to deposit money to cover it before it clears.
What is floating a check?
The act of making financial transactions on a mobile device (cell phone, tablet, etc.)
What is mobile banking?
A formal request made to a financial institution to cancel a check or payment that has not yet been processed.
What is a stop payment order?
The signature of the payee written exactly as his or her name appears on the front of the check.
What is a blank endorsement?
A check that has been paid out by the bank.
What is a canceled check?
When someone write "for deposit only" on the back of a check, and sign it.
What is a restrictive endorsement?
A financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers.
What is a savings and loan bank?
A state appointed official verifies a person’s identity, witnesses the person’s signature on a legal document, and then "signs” the document as the signature is valid.
What is a notary public?
A unique, nine-digit number that functions as an address for your bank.
What is the routing number?
This organization insures your bank account up to $250,000.
What is the FDIC or Federal Deposit Insurance Corporation?
This is what a savings and checking accounts are called at a credit union.
What is a share account?