Banks and Credit Unions
This type of financial institution is located nationwide and owned by shareholders.
What is a Bank?
This is an account where you can withdraw or deposit money on a regular basis.
What is Checking Account?
This is when you sign the back of a check in order to cash, deposit, or transfer ownership of the check.
What is Endorsement?
This machine is located at banks and various locations where you can deposit and withdraw money, and check your account balances.
What is ATM?
This is something that you receive after you make a purchase. It is smart to save these in order to keep an accurate balance in your checkbook.
What is Receipt?
This type of financial institution is owned by their customers.
What is Credit Union?
This instrument is used if you want to pay a bill, and must be hand written.
What is a Check?
This type of endorsement only requires a signature, and is considered the least safest type of endorsement.
What is Blank Endorsement?
This is when your paycheck automatically gets put into your checking account from your employer.
What is Direct Deposit?
This form is used when you want to put money into your account.
What is Deposit Slip?
Banks and credit unions offer this account as a place to store your money, accumulate interest, and set long term financial goals.
What is Savings Account?
This form is used when you want to take money out of your account.
What is Withdrawal Slip?
This is considered the safest type of endorsement.
What is Restrictive Endorsement?
This is created when you first get a debit card for security purposes.
What is PIN?
This is a fee that you may be charged just for having an account with a bank.
What is Service Charge?
The number one way banks make money is by charging this to customers when they get a loan.
What is Interest?
This instrument is used at ATM machines to access your account and can also be used to purchases goods or services.
What is Debit Card?
This type of endorsement is when you want to transfer ownership of the check over to another person.
What is Special Endorsement?
This is used when you want to make a payment or receive money online.
What is EFT? (Venmo, apple pay...etc.)
This is a fee you will get charged when you try to take more money out of your account that you have in there.
What is Overdraft Fee?
An example of a credit union discussed in class.
What is ESL, Summit CU, Xerox Federal CU...etc.
This tool is used to keep track of the balance in your checking account. Usually located in your checkbook.
What is Checkbook Register?
This type of endorsement requires you to write "For Deposit Only" on the top of the endorsement line.
What is Restrictive Endorsement?
This protects your money in a bank up to $250,000.
What is FDIC? (Federal Depository Insurance Corporation)
This is the process of making sure your checkbook register matches your bank statement.
What is Bank Reconciliation?