Banks Flashcards
A record in which you keep track of checks written am deposits made
Checkbook register
A bank card that can be used to make purchases or withdrawal money at an ATM
Debit card
The rate banks charge to their most creditworthy business customers
Prime rate
A banks service that directs the bank not to honor a check that you have written
Stop payment
Interest earned both principal and interest that was previously earned
Compound payment
Money electronically added to your checking or other account
Automatic deposit
A check used to pay bills whereby money I guaranteed
Money order
A check issued by a bank against bank funds
Cashiers check
A math formula that tells you how long it will take money earning interest at a certain rate to double
Rule of 72
The rte banks are charged to borrow money from the fed
Discount rate
A discount savings bond issues by the US government
US savings bond
A savings option that pays the current market rate of interest
Money market account
A one deposit for a fixed amount of time at a set interest rate
Certificate of deposit
The rate at which banks can borrow money from the excess reserve of other banks
Federal funds rate
Money added to a checking, a savings, or another account
Deposit
A check returned by the bank for non-sufficient funds
Bounced check
Actions of the fed to influence money and credit conditions in the economy
Monetary policy
A demand deposit from which you can get your money quickly and easily
Checking account
A demand deposit that may have restrictions on how quickly or easily you can get your money
Savings account
A check written with a date in the future
Postdated check
A written order to a bank to pay the stated amount to the person or business named from a certain account
Check
A sum of money set aside on which interest is paid
Principal
Money electronically deducted from your checking or other account
Automotive withdrawal
A signature on the back of a check authorizing a bank to cash or deposit the check
Endorsement
Intermediates that help channel funds from servers to borrowers
Financial institutions
Use anywhere depot cards are accepted ?
Use only at ATMS
- debit card
- ATM card
To open a checking account you must …
- money
- address
- ID
- social security number
Add interest onto principal
Compound
72 divided by interest rate
Rule 72