Checks
Any written document instructing a bank to pay money from the writer's account
What is a check
Buying or borrowing on the promise to repay at a later date
What is credit
A bank account that accrues interest in exchange for use of the money on deposit
What is a Savings account
A monthly fee a bank charges for handling a checking account
What is a service charge
An itemized slip showing the exact amount of paper money, coin and checks being deposited to a particular account
What is Deposit slip
A check issued by a bank, drawn on it's own funds rather than on one of its depositors
What is a cashier's check
The rating of your use of credit based on: your payment history; amount owed; the length of your credit history etc
What is your credit score
To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to pay
What is refinance
A check written for more money than is currently in the account
What is overdraft
Interest calculated not only on the original principal, but also on the interest already accrued
What is compound interest
A "used" check that has been paid and subtracted from the check-writer's account.
What is a canceled check
A banking card enhanced with ATM and POS features that can be used to purchase goods or services electronically. Transactions are deducted from the cardholders checking sccount
What is a debit card (check card)
An authorized amount of credit given to an individual, business or institution
What is a line of credit
A savings account in which an individual promises to deposit the money for a set period of time for which the bank typically pays higher interest than a regular savings account
What is Cerificate of deposit
Anything that a bank accepts as a security against the debtor's not repaying a loan
What is collateral
An account for which the holder can write checks. These accounts pay less interest than savings accounts or none at all
What is a checking account
An agency that checks credit information and keeps a complete file on people who apply for and use credit
What is a credit bureau
A savings or checking account established in the names of more than one person
What is a joint account
A request made to a bank to not a pay a specific check. Normally there is a charge for this service
What is a stop payment
An economic system permitting an open exchange of goods and services between producers and consumers
What is Market Economy
A check that a bank has refused to cash or pay because there are no funds to cover it in the account
What is a bounced check (returned check)
A plasric card that gives access to a line of credit. Users are limited in how much they can charge but they are not required to pay the full amount each month, but will accrue interest
What is a credit card
A legal agreement that creates an interest in real estate between a borrower and a lender
What is a mortgage
A check written for more money than is currently in the account. If the bank refuses to cash the check, it is said to have "bounced"
What is overdraft
A governmental agency established by Congress to organize and regulate banking throughout the United States
What is the Federal Reserve System