Banking Terms

Question 1

Payment from a borrower or financial institution

Answer 1

Interest

Question 2

Bank that offers services to the public, for profit, owned by shareholders

Answer 2

Commercial bank

Question 3

Financial institution chartered by a central or regional government

Answer 3

Mutual savings Bank

Question 4

Institution that accepts savings at interest and lends money to savers

Answer 4

Savings and Loan

Question 5

Nonprofit financial institution owned by its members

Answer 5

Credit Union

Question 6

Financial institution that operates over the internet

Answer 6

Internet Bank

Question 7

Federal agency that insures savings, checking, and other deposit accounts

Answer 7

FDIC(Federal Deposit Insurance Corporation)

Question 8

Movement of funds by electronic means

Answer 8

EFT(Electronic Funds Transfer)

Question 9

Computer terminal that gives Bank customers electronic access to their accounts

Answer 9

ATM(Automated Teller Machine)

Question 10

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

Answer 10

PIN

Question 11

A card that allows the user to subtract money from a bank account

Answer 11

Debit card

Question 12

Whom the check is made out to

Answer 12

Payee

Question 13

Lack of funds to cover the amount of a check

Answer 13

Overdraft

Question 14

A signature on the back of a check that lets the person receive payment

Answer 14

Endorsement

Question 15

To bring the bank statement and your own record into agreement

Answer 15

Reconcile

Question 16

Check from a personal checking account that’s been stamped by the bank to ensure there are sufficient funds to cover it

Answer 16

Certified check

Question 17

Check issued and guaranteed by a bank, usually more than $1,000, bank usually charges for this service

Answer 17

Cashiers check

Question 18

Purchased certificate used to pay a specific amount, safe way of sending money through the mail

Answer 18

Money order

Question 19

Sold in specific dollar amounts that can be used to purchase products, gift cards

Answer 19

Prepaid card

Question 20

Transactions that were received by the bank after the closing date of your statement

Answer 20

Outstanding

Question 21

A stamped check showing its been paid

Answer 21

Cancelled check

Question 22

Finically transactions that electronically move funds from one to another bank

Answer 22

Wire transfer

Question 22

Banking service that allows users to transfer funds between personal accounts and online accounts

Answer 22

Money transfer service