Checking
What is a direct deposit?
Payroll or other types of checks that are directly and electronically deposited into a bank account.
What does outstanding check mean?
Deposits that do not appear on the bank statement.
What is a savings account?
An account in which the bank pays interest for the use of the money deposited in the account.
What does crediting mean in banking?
The act of adding interest of a deposit to an account by a bank.
What does it mean when your bank puts your money on "hold"?
The money in the bank account that is not released until the issuing bank of a check pays for a check.
What is an account number?
A number that appears on all checks, deposits slips, and bank statements identifying the owner of the account.
The percentage rate that is paid by a bank on money that is in some accounts.
What does compound interest mean?
Interest that is earned on the money deposited into an account plus previous interest.
What is a personal identification number (PIN)?
What is a joint account?
An account with more than one owner; all owners have equal access.
What is a principal?
The balance, or amount of money, in an account, or amount borrowed.
What does semiannual compounding mean?
What is a automated teller machine?
Provides 24-hour bank access to make deposits, transfers, and withdrawals.
What is a maintenance fee?
What does reconciling mean in banking?
Same as balancing; the process of verifying the bank's records to make sure no errors have been made.
What is an arithmetic sequence?
A progression of numbers in which the difference between any two consecutive terms is a constant.
What does payee mean?
The receiver of the transferred funds of the person to whom the check is written.
What is a check register?
A record of all transactions in a checking account, including checks written, deposits made, fees paid, ATM withdrawals, and so on.
What is a simple interest formula?
The formula I=prt, where p is principal, r is the interest rate, and t is the time in years.
What does maturity mean in banking terms?
A specified date at which interest is paid o money in an account.