Organizations
is an organization that provides services related to money.
financial institution
is a business in which the primary function is to receive, transfer, and lend money to individuals, businesses, and governments.
commercial bank
is a nonprofit financial cooperative owned by and operated for the benefit of its members.
credit union
is a bank account used by depositors to accumulate money for future use.
savings account
is a record of account deposits, withdrawals, checks, fees, and interest.
check register
is the process of transferring money from one individual or organization to another.
Financial exchange
is a type of commercial bank that is locally owned and operated.
community bank
is a written order for the bank to pay a specific amount to the person to whom the check is written
check
is a check written for an amount greater than the balance of the account.
overdraft
is a signature on the back of a check.
endorsement
is anything of value that is accepted in return for goods or services.
Money
is a financial institution that is owned by its depositors.
mutual savings bank
is a bank account that allows the owner to make deposits, write checks, and withdraw money.
checking account
is a request for a financial institution to refuse to honor a check written, if the check has not already cleared the account and been paid.
stop-payment order
is the person, business, or organization to whom the check is written.
payee
is a financial institution that receives, lends, exchanges, and safeguards money.
bank
is a financial institution that provides banking services exclusively online.
Internet bank
is a card that allows the holder to electronically access funds in an account at an ATM or to pay for goods and services from a business.
debit card
is the movement of money over an online network from one financial institution to another.
electronic funds transfer
is a record of checks, ATM transactions, deposits, and charges on an account, as shown in Figure 4-9. Some banks still send statements through the mail.
bank statement
is the license authorizing a bank to operate
charter
is a financial institution that offers most of the services commercial banks do.
savings and loan association
is a plastic card that allows the holder to make credit purchases up to an authorized amount.
credit card
is an independent agency created by the federal government to protect bank customers by insuring their deposits.
Federal Deposit Insurance Corporation
is the process of comparing the check register with the bank statement.
bank reconciliation