Banking Vocab
An institution that receives, lends, borrows, exchanges, issues and safeguardsmoney
What is a bank?
A written order instructing a bank to pay money from a checking account
What is a check?
A system of money including coins and paper money
What is currency?
A type of card that is only used to withdraw money from your account at an automated teller machine
What is an ATM?
A type of investment purchased from the bank for a specific amount of money at a fixedrate of interest
What is a certificate of deposit or
CD?
To take money out of an account.
What is to withdraw?
A written form instructing a bank to put money into an account. This form includesthe account holder’s name, account number, and the amounts of the checks, cash, andcoin being put into the account
What is a deposit slip?
An itemized list of predicted income and expenses over a period of time; sometimes called a spending plan
What is a budget?
A type of card that can be used to withdraw money from an automated teller machine, but is also used to make purchases withdrawing money from your account.
What is a debit card?
An account in which money is deposited and is used to save for long term goals.This type of account earns interest from the bank.
What is a saving account?
A record showing the check number, person to whom the check is paid, amount of check, the date and the balance of your checking account
What is a checkbook register?
A printed record issued by the bank of the balance in a bank account and all of the transactions during that monthly period
What is a bank statement?
A type of card that allows you to pay later. Purchases can be made with this card throughout the month, and a bill for the total amount of purchases must be paid at the end of each month
What is a credit card?
Money borrowed by an individual OR a business to be paid back with interest
What is a bank loan?
A card on file at the bank with the signature of the person authorized to use an account.
What is a signature card?
A method of banking in which transactions are conducted electronically via theInternet
What is online banking?
Money that can be earned in a savings account or charged to credit card users
What is interest?
The signature on the back of a check that allows it to be cashed
What is an endorsement?
A check written for a larger amount than the balance in a checking account. Or a purchase made with a debit card for a larger amount than the balance in a checking account
What is an overdraft?
The letters written in the Check # column on a checkbook register, when recording a debit card purchase
What are the letters D.C.