Banking Terms Flashcards
Account:
Money deposited with a financial institution for investment and/or safekeeping purposes.
ATM:
Acronym for automated teller.
Bank:
And establishment for lending , issuing, borrowing, changing or, safeguarding.
Cash
Money in the form of paper and coins, in banking, the act of paying a check
Check:
A written document instructing a bank to pay money from the writer’s account.
Check card:
A Card allowing the holder to transfer money What Tronic Lee from their bank account, when making a purchase.
Debit Card:
A Card allowing the holder to transfer money What Tronic Lee from their bank account, when making a purchase.
Credit:
The Ability of a customer or services before payment, based on the trust so that it’ll be paid in the future.
Credit Card:
He plus a card to give us access to a line of credit. Users are limited in how much they can church but they are not required to pay the full amount each month.
Currency:
Money-anything used as a common medium of exchange.
Debit:
A bookkeeping term for a sum of money owed by an individual or institution.
Interest:
The fee paid for the use of money. Interest may be paid, for example, by an indivudaul to a bank for a credit card loan.
Payer:
An individual or company who writes the check, one who gives money as a payment.
Payee:
An individual that’s getting paid from the payer.
Savings Account:
A big account that accrues interest in exchange for use of the money on deposit.
