Vocabulary
An account at a bank that allows a customer to deposit money, make withdrawals, and make transfers from the funds on deposit.
What is a checking account?
Most widely used types of checking accounts. Customers can move money in and out of the account by making deposits writing checks to pay bills or access money.
What is a basic checking account?
Name 3 types of Bank Transactions.
What are:
Cash Deposit
Check Deposit
Cash Withdrawal
Account Transfer
Payment
Cashier's Check
When you add cash funds to your account.
What is a cash deposit?
A written order used to tell a bank to pay money (transfer funds) from an account to a payee.
What is a check?
These accounts pay customers interest, usually on a monthly basis, on the money that is in the account. A minimum balance is often required and a fee is charged if the account balance drops below that minimum.
What is an Interest-bearing checking account?
When you sign the back of a check.
What is endorse?
You use this to take money out of your checking account.
What is a withdrawal slip? (debit card is also accepted)
This is often used to deposit payroll or government checks directly into an account.
What is Direct Deposit?
Requires no minimum balance and charges no maintenance fees.
What is a Free checking account?
The two ways the amount on a check is written.
What is in numbers and words?
The term when you keep some of the money that you are depositing.
What is Less Cash Received?
What you complete to put money into your checking account.
What is a deposit slip?
Accounts owned by more than one person. All owners have equal access to the money in the account.
What is a Joint Checking Account?
Person/Company that a check is written to.
Who is the payee?
Check that is written by a financial institution on its own funds, signed by a representative, and made payable to a third party.
What is a Cashier's Check?
A certificate, usually issued by a government or banking institution, that allows the stated payee to receive cash on demand.
What is a money order?
If a check is written for an amount that cannot be paid out of the account, the check is returned, or dishonored (bounced).
What is Insufficient Funds?
Accounts for people who want to avoid going to a traditional bank and are often accessed electronically via telephone, computer, or ATM.
What is an Express Checking Account?
Term for when you date your check for a future date.
What is post-date?
Combined, how long have Miss Rivera and Mr. E been teaching?
What is 9 years?
Miss Rivera - 6 years
Mr. E - 3 years