Personal Finance Checking Unit

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Deposit ticket

A deposit slip is a small written form that is sometimes used to deposit funds into your account. A deposit slip indicates the date, the name of the depositor, the depositor's account number and the amounts of checks, cash, and coin being deposited.

Bank

An establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.

Bank statement

Report released by banks that lists transactions.

Debit card

a card that allows an individual to pay for a purchase with money electronically withdrawn from their account (similar effect as a check)

Overdrafts

a deficit in a bank account caused by drawing more money than the account holds.

Reconcile

allows individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible discrepancies.

Credit union

are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.

Cleared checks

depositing a check and waiting for it to be cleared from the other account.

Outstanding checks

has not yet been cashed or deposited by the payee

Check register

is a document, usually part of the general ledger, used to record financial transactions in cash.

Payee

person receiving the check

Payer

person writing the check

Endorse

writing your signature on the back of a check made out to you


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