Banking

Question 0

financial institutions owned by share holders and operated for their profit

Answer 0

Commercial Bank

Question 1

a fee paid for the opportunity to use someone else’s money over a period of time

Answer 1

Interest

Question 2

state-chartered financial institution operated by trustees for the benefit of depositors

Answer 2

Mutual Savings Bank

Question 3

financial institutions that originally specialized in providing funds to home buyers, but now provide a variety of financial services

Answer 3

Savings and Loan

Question 4

a nonprofit financial institution owned by its members

Answer 4

Credit Union

Question 5

a financial institution that operates exclusively over the internet using online banking

Answer 5

Internet Banking

Question 6

Federal Deposit Insurance Corporation, insures deposit accounts in most banks and savings association

Answer 6

FDIC

Question 7

Electronic Funds Transfer, the movement of funds by electronic means

Answer 7

EFT

Question 8

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

Answer 8

ATM

Question 9

Personal Identification Number, secret code that protects the security of accounts

Answer 9

PIN

Question 10

a card that allows the user to subtract money from a bank account in order to obtain cash or make a purchase

Answer 10

Debit Card

Question 11

the one to whom a check is made out, can take the check to his/her own bank and cash or deposit it

Answer 11

Payee

Question 12

lack of sufficient funds to cover the full amount of a check

Answer 12

Overdraft

Question 13

a signature on the back of a check that entitles the payee to either receive payment or transfer it to someone else

Answer 13

Endorsement

Question 14

means to bring the bank statement and your own record of transactions into agreement

Answer 14

Reconcile

Question 15

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

Answer 15

Certified Check

Question 16

a check issued and guaranteed by a bank

Answer 16

Cashier’s Check

Question 17

purchased certificate used to pay a specified amount to a particular payee

Answer 17

Money Order

Question 18

documents that function as cash but can be replaced if lost or stolen

Answer 18

Travelers check

Question 19

cards sold in specified dollar amounts that can be used to purchase products or services

Answer 19

Prepaid Card

Question 20

one’s that were received by the bank after the closing date of your statement

Answer 20

Outstanding

Question 21

a check that is stamped and sometimes perforated to show that it’s been paid

Answer 21

Cancelled Check

Question 22

send funds almost anywhere in the world

Answer 22

Money Transfer Service

Question 23

financial transaction that electronically moves funds from one bank to another

Answer 23

Wire Transfer