Banking Terms Flashcards
Financial institutions owned by shareholders and operated for their profit.
Commercial Bank
A financial institution the operates only over the internet using online banking.
Internet Bank
The movement of funds by electronic means
EFT
Personal identification number
PIN
Automated teller machine
ATM
A card that allows the user to subtract money from their bank account in order to get cash, or make a purchase
Debit Card
A nonprofit institution owned by its members
Credit Union
The person who a check is made out to
Payee
A check that has been stamped and sometimes perforated to show that it has been payed
Canceled Check
The lack of sufficient funds to cover the full amount of a check
Overdraft
Checking account earn interest often have more restrictions such as a higher minimum balance.
Interest
A signature on the back of the check that entitles the payee to deposit it or transfer it to someone else
Endorsement
Bring the bank statement and your own record of transactions into agreement
Reconcile
To find any transactions in your check register that you didn’t mark off.
Outstanding
Is a check from a personal checking account that has been stamped by the bank to insure that it has the funds to pay.
Certified check
It is a check the is issued and guaranteed by a bank, you pay the bank cash or credit and they give you a check to use.
Cashiers check
Is a purchase used to pay a specific amount to a particular payee
Money order
A card that has a set amount on it to be used for anything
Prepaid card
A financial institution overate does by trustees for the benefit of depositors.
Mutual savings bank
To provide funds to home buyers or big purchases
Savings and loans
Moves funds to one bank from another by electronic
Wire transfer
Can send funds almost anywhere in the world
Money transfer service
The Federal Deposit Insurance Corporation is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures
FDIC
