Banking
Term for when an employer directly puts your paycheck in your checking account
What is Direct Deposit
This type of account lets you write checks and transfer money to make payments
What is checking account?
Represents earning on a deposit.
What is interest?
This term means using someone else's money and agreeing to pay it back later
What is credit?
Tells potential creditors the likelihood that you will repay debt as agreed to.
What is credit score?
This is the term for when you withdraw more money than you have in your checking account.
What is overdraft?
This security step helps banks verify you are the recipient of the funds on a check.
What is an endorsement?
This is the % of increase in value of your savings due to interest.
What is yield?
This type of credit rate does not change.
What is a fixed rate?
Complete record of yoru borrowing and repayment performance
What is credit history?
This is the unique 9 digit number that is specific to your financial institution
What is Routing Number?
This type of account is connected to your checkbook
What is checking account?
This type of deposit pays out a specific amount after being held by the bank for a specific time period.
What is Certificate of Deposit
This is interest paid on the original principle plus accumulation
What is compound interest?
Written state of consumers credit history
What is credit report?
This the type of fee charged by an ATM that doesn't belong to your bank.
What is an ATM fee?
This is the process of matching your checkbook register with your bank statement
What is Reconciliiation?
This is the annual interest rate an account pays stated on a yearly basis
What is Annual % yield or APY?
This is the value of property you possess such as bank account or real estate.
What is capital?
This is the most used credit scoring model.
What is FICO score?
The FDIC insures bank account up to this dollar amount.
What is $250,000
This nine digit code on the bottom of your check is specific to your own personal account.
This is the date on which a CD becomes due for payment from the bank and CANNOT be given sooner without a fee.
What is a Maturity date
Property pledged to assure repayment of a loan.
What is collateral?
This is the most important factor in determining credit score.
What is payment history?