Banking Exam Flashcards
Federal deposit insurance corporation
A fed. Government agency that insures deposits in banks
Depositor
One who puts money into an account
Inflation
a sustained increase in the average level of prices
Payee
Person or business named on check whom the bank pays a specified sum
Remitter
Someone who writes out a check
Money order
A printed order for payment of a specified sum issued by a bank or post office
Check register
A written record from your bank of all the transactions involving your account
Canceled check
An image of a check that has been paid by a bank and kept by the bank
Electronic funds transfer
Electronic movement of money that allows electronic banking or e-banking to be accomplished
ATM
Offers automatic, computerized banking
PIN #
Confirms individual is authorized to access an account
Direct payment
When a business is authorized to receive a payment by a specific bank account
Cashiers check
Banks own check signed by cashier
Travelers checks
Checks you pay for in advance
Wire transfer
Electronically moves money from bank to bank
Safety deposit box
Box you can rent from bank. Safe from fire and theft
Benefits of using a checking account?
Direct deposit, ATMs, security
3 kinds of endorsements?
Blank endorsements, restrictive, special
Different methods to deposit a check?
ATM, manually (at a bank), cell phones
