Banking Flashcards
financial institutions owned by share holders and operated for their profit
Commercial Bank
a fee paid for the opportunity to use someone else’s money over a period of time
Interest
state-chartered financial institution operated by trustees for the benefit of depositors
Mutual Savings Bank
financial institutions that originally specialized in providing funds to home buyers, but now provide a variety of financial services
Savings and Loan
a nonprofit financial institution owned by its members
Credit Union
a financial institution that operates exclusively over the internet using online banking
Internet Banking
Federal Deposit Insurance Corporation, insures deposit accounts in most banks and savings association
FDIC
Electronic Funds Transfer, the movement of funds by electronic means
EFT
Automated Teller Machine, computer terminal that gives bank customers electronic access to their accounts at any time through the use of a specially coded card
ATM
Personal Identification Number, secret code that protects the security of accounts
PIN
a card that allows the user to subtract money from a bank account in order to obtain cash or make a purchase
Debit Card
the one to whom a check is made out, can take the check to his/her own bank and cash or deposit it
Payee
lack of sufficient funds to cover the full amount of a check
Overdraft
a signature on the back of a check that entitles the payee to either receive payment or transfer it to someone else
Endorsement
means to bring the bank statement and your own record of transactions into agreement
Reconcile
a check from a personal checking account that has been stamped by the bank to guarantee that there are sufficient funds in the account to cover it
Certified Check
a check issued and guaranteed by a bank
Cashier’s Check
purchased certificate used to pay a specified amount to a particular payee
Money Order
documents that function as cash but can be replaced if lost or stolen
Travelers check
cards sold in specified dollar amounts that can be used to purchase products or services
Prepaid Card
one’s that were received by the bank after the closing date of your statement
Outstanding
a check that is stamped and sometimes perforated to show that it’s been paid
Cancelled Check
send funds almost anywhere in the world
Money Transfer Service
financial transaction that electronically moves funds from one bank to another
Wire Transfer
