Definition on Bank account and money

bad check

A check drawn on a nonexistent account or on an account with insufficient funds to honor the check when presented.

deposit money

Bank Deposits' Money placed into a banking institution for safekeeping. Bank deposits are made to deposit accounts at a banking institution, such as savings accounts, checking accounts and money market accounts.

bank reserves

Bank reserves are the currency deposits which are not lent out to the bank's clients. A small fraction of the total deposits is held internally by the bank or deposited with the central bank.

cleared check

Quench clearing (or check clearing in American English) is the process of moving a quench from the bank in which it was deposited to the bank on which it was drawn, and the movement of the money in the opposite direction.

bank statement

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

checking account

an account at a bank against which checks can be drawn by the account depositor.

credit card vs. debit card

DEFINITION of 'Debit Card' A payment card that deducts money directly from a consumer's checking account to pay for a purchase. Debit cards eliminate the need to carry cash or physical checks to make purchases.

overdraft credit

DEFINITION of 'Overdraft' An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.

net pay vs. gross pay

One of the most common problems we see involves families and employees misunderstanding each other when it comes to Gross Wages (the amount prior to tax withholding's) and Net Pay (the "take-home" amount after taxes have been withheld). Here's what happens.

transaction with money

transaction, particularly the buying or selling of goods, but you can call any exchange with another person a transaction. There are transactions involving money, ideas, and even e-mail. The Latin root transaction describes an agreement or accomplishment.